Indian pig iron exports continue to gain momentum on rising scrap prices in global market. Global scrap prices have gone up due to strong buying from Turkey where scrap prices have moved up by USD 14/MT as well as strong steel futures in Chinese market.
A bulk vessel (Alam Suria) of 25,000 MT has been recorded at Mormugao Port (India’s west coast), expected to get berth on 23 Feb’17.
According to sources, cargo belongs to Vedanta (earlier know as Sesa Goa) and will be shipped to UAE. In addition, few market participants shared that the deal has been closed within the range of USD 290-295/MT, FOB India.
Notably, Vedanta till Jan’17 has exported around 61,000 M Pig iron in FY17.
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