India’s largest trading house, MMTC has recently concluded an export tender for 30,000 MT Pig iron which closed on 21 Feb’17. The tender has been concluded at around USD 305-307/MT, FoB East Coast according to market sources.
MMTC floated this tender on 14 Feb’17 with scheduled delivery of the shipment between 08 Mar-18 Mar’17. According to sources, the company has managed to attract 6 participants.
The highest bid received was within the range of USD 305-307/MT followed by second highest (H2) around USD 300-301/MT, H3 around USD 297.5/MT and so on; according to sources.
The company had re-issued this tender for 30,000 MT Pig Iron which was closed on 10 Feb’17. The company had managed to attract 2 participants and bids received were around USD 285/MT, FOB India. However company has not awarded this tender hence re-issued.
Rising Chinese steel prices as well as rising global scrap prices have made Indian pig iron exports to gain momentum. Global scrap prices have gone up due to strong buying from Turkey where scrap prices have moved up by USD 14/MT. There are series of export tenders closed by Indian pig iron manufacturers in this month for March shipment.
Another major pig iron exporter, Vizag Steel, has also recently closed an export tender for 20,000 Mt pig iron on 20 Feb’17. The company has managed to receive bids from 3 participants and the deal has been concluded at USD 297.5/MT, FoB Vizag Port for March shipment according to sources.
Company issues another 30,000 MT Pig iron export tender
The company has recently issued another export tender for 30,000 MT Pig iron with scheduled technical bids to open on . The material is produced by Neelachal Ispat Nigam Limited (NINL), Duburi, Odisha, India.
Synopsis of the tender
Quantity:15,000 MT minimum-30,000 MT maximum
Loading port: Paradip Port, India
Shipment period: During 18 Mar’17 – 28 Mar’17
Delivery basis: FOBST Paradip Port
Destination: Any country other than banned countries
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