Neelachal Ispat Nigam Limited (NINL), a state controlled and India's largest Pig iron producer and exporter is expected to offer 60,000 tonnes of the material through an export tender, in the beginning of the next week.
Delivery schedule is expected to take place in mid-October for the 1st lot and during the first half of November for optional lot at seller's decision.
A new Indian Pig iron buyer approached NINL
It has been heard that Daewoo International Corporation, Korea's largest trading company, a subsidiary of POSCO has approached NINL and Sesa Goa (Goa) for Pig iron cargoes.
But there is no confirmation whether the largest South Korean trader would be participating in the export tender.
About two years back, Daewoo International has had its presence in Indian market.
Other international traders don't look to participate anytime soon
STX Corporation (South Korea) uses Pig iron for captive consumption, Stemcor (London) is facing financial crunch and Liberty (South Korea) bids lower by about 10 dollars.
The above mentioned traders don't look to participate in Indian Pig iron tenders anytime soon.
LG International (South Korea) and Prime Carbon GmbH (Switzerland) continue to import the Indian material in good quantities and enjoy margins over limited competition at present.
NINL's domestic Pig iron sale improves
NINL has already sold 7,000-8,000 tons of Pig iron in domestic market after it revised prices on September 04 on better demand, though it was expecting only about 5,000 tonnes.
The company would be offering limited quantities of Pig iron for domestic sales and concentrate on export market.
Rupee at 63 levels against US dollar is favorable for exports and the company is able to get rid of a big quantity of the material at a time.
Leave a Reply