Vizag Steel, a leading state owned Pig iron producer and exporter, has issued an export tender of 25,000 MT basic grade steel making Pig iron for April delivery. This tender is due on 30th March 2017, according to market participants.
There is another 30,000 MT pig iron export tender by state owed trading firm, MMTC, which is expiring on 29th March. Participants expect price bids to be low for both the tenders.
Global pig iron prices have dropped in last few weeks owing to falling scrap prices in seaborne market (prices corrected by around USD 35-40/t). Last deal of Pig iron from India was reported at around USD 317-318/MT FOB India, in third week of March 2017.
Indian pig iron exports rose sharply in 2017 (Jan-Mar) owing to rising scrap prices and limited supply of pig iron from CIS countries. Indian exports were recorded at 200,000 MT in 2017 against 31,500 MT in 2016 during the same period. Indian exports in 2016 were recorded at 174,240 MT (Jan-Dec).
Synopsis of the tender
Carbon: 3.5-4.5 %
Manganese: 0.50% max
Silicon: 1.0% max
Phosphorus: 0.12% max
Sulphur: 0.05% max
Loading port: Vishakhapatnam Port or Ganagavaram Port, India
Destination: Any county other than banned countries.
Leave a Reply