India’s largest and state-owned trading house, MMTC has issued an export tender of 15,000 MT basic grade Pig iron and its tender is scheduled on 08 Sept’16. The material is produced by Neelachal Ispat Nigam Limited (NINL), Duburi, Odisha, India.
Synopsis of the tender
Quantity: Firm lot- 10,000 MT; Optional lot-5,000 MT
Loading port: Paradip Port, India
Shipment period: During 20 Sept – 30 Sept’16
Delivery basis: FOBST Paradip Port
Destination: Any country other than banned countries
The due date for bid submission is 08 Sept’16 at 14:30 hrs. Technical bid opening and price bid opening are scheduled on the same day at 14.45 hrs and 16.30 hrs IST respectively.
Last export tender for 15,000 MT Pig iron concluded at USD 240/MT FoB East Coast
On 14 Jun’16, MMTC had floated it last export tender for 15,000 MT Pig iron which got expired on 05 Jul’16.
The company had managed to attract 2 participants. The tender received the highest bid around USD 240/MT, FoB East Coast and had concluded at the same bid price.
Domestic Pig iron Market
Indian Pig iron ore manufacturers are focusing largely on the international market for bulk bookings.
Large manufacturers’ offers for steel grade material are assessed at around INR 15,500/MT East Coast and INR 16,000/MT West Coast.
Global Market Scenario
Bangladesh is in huge demand for Indian Pig iron as Bangladesh based furnaces are preferring Indian Pig iron over CIS. Reason being competitive offers and less voyage time. It is to be noted that Bangladesh import query has picked up due to expensive international scrap and import duty on billets.
In week 34, export offers for Indian steel grade Pig iron were at USD 236/MT, FoB India. Whereas, offers for imported Pig iron were assessed at USD 230/MT FoB Black Sea, up by USD 3/MT W-o-W.
According to customs data, Indian Pig iron export jumped to 23,493 MT during Jul’16 against a mere export of 1,486 MT in Jun’16.
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