MMTC extends Pig iron export tender for the third time on the backdrop of poor response till 21 Sept’15.
MMTC, on behalf of NINL, had offered 40,000 MT Pig iron for export on 12 Aug’15, which closed on 3 Sept’15. Like other Pig iron export tenders, this one also went unnoticed.
The company could not receive any participation in the technical round and hence, it had to extend the dates for bids submission till 21 Sept’15.
Result of Last Few Export Tenders of Pig Iron by MMTC (India)
| Issued Date | Due Date | Quantity in MT | Participants name | Result |
| 02-June’15 | 16-June’15 | 40,000 | MTPL, Prime Carbon GmbH & STX | Awarded at USD 264/MT FoB Paradip |
| 25-June’15 | 16-July’15 | 40,000 | no participation | Re-issued |
| 21-July’15 | 11-Aug’15 | 40,000 | no participation | Re-issued |
| 12-Aug’15 | 03-Sep’15 | 40,000 | no participation | Re-issued |
| 03-Sep’15 | 21-Sep’15 | 40,000 | results awaited | results awaited |
Source: SteelMint Research
Earlier this week, another export tender by Vizag steel went unsold. Cheap Chinese billet offers have lessened down interest for Pig iron and scrap. Steel mills are preferring to roll billets rather than melting scrap/Pig iron and then rolling it.
Steel buyers are cautious about placing new orders owing to fall in major currencies, along with correction in steel price across the globe. For instance, fall in Chinese billet export offers by USD 10-15/MT at USD 295-300/MT, CFR Turkey after currency devaluation has made the market cautious. Meanwhile, the offers for Pig iron remains at USD 225/MT FoB Black Sea levels.
Steel grade Pig iron Offers as on 3 Sep’15
| Particular/Delivery | Prices in INR/MT | W-o-W Change |
| Ex-Cuttack | 16,400 | 0 |
| Ex-Durgapur | 18,000 | + 200 |
| Ex-Giridih | 18,200 | + 250 |
| Ex-Jharsuguda | 17,000 | + 200 |
| Ex-Raigarh | 17,800 | + 100 |
| Ex-Raipur | 18,500 | 0 |
| Ex-Rourkela | 16,900 | 0 |
| Ex-Vizag | 17,300 | 0 |
| Hyderabad (delivered) | 18,500 | 0 |
| Ludhiana (including ED) | 21,600-22,000 | + 200 |
Source: SteelMint Research
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