MMTC, the largest trading house cancelled its latest export tender to sell 30,000 MT Pig iron for October loading owing to high demand from domestic buyers.
MMTC’s 30,000 MT Pig iron export tender which expired on 08 Sept’16 received bids from two participants.
The highest bid was received at USD 247/MT FOB India east coast by Ronly, a UK based trading house, and the second bid was at around USD 242-243/MT FOB.
However, the company has cancelled this tender owing to better realizations and high demand from domestic buyers. It is expected that company may issue next export tender in first week of Oct’16.
Recently, the company has raised its prices in the domestic market by INR 1,300/MT (USD 20). Offers for steel grade being assessed at INR 17,500/MT (USD 261) after quantity discount.
Market participants confirm that company has sold almost entire quantity in domestic market at a much higher price than what they would have fetched in exports.
It may be noted that Indian Pig iron prices are rising on account of expensive coking coal and recent export deals concluded by big manufacturers.
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