MMTC, India’s largest and state owned trading house, has floated export tender of 40,000 MT non-alloy Pig Iron on behalf of Neelachal Ispat Nigam Limited (NINL). Apart from 30,000 MT firm quantity, the pig iron exporter has also offered an optional quantity of 10,000 MT depending upon the availability of pig iron. The due date for submission of bids is 14:30 hrs on 25 May’18.
The material offered has specification – C: 3.6-4.3%; Si: up to 1.24%; Mn < 1%, S: 0.05% max; P: 0.2% Max. The shipment is scheduled between 20 Jun-30 Jun’18 from Paradip port.
The steel company fired up its blast furnace in beginning of the month which was closed for last four months owing to capital repair work. Company plans to operate the furnace at 100% capacity, compared to 50-55% previously. The blast furnace has a capacity to churn out 1.1 MnT of hot metal per year, which is about 3,500 MT of hot metal per day. Steel PSU Neelachal Ispat Nigam Ltd (NINL) recorded its highest ever hot metal production on a single day. NINL produced 3,001 tonnes of hot metal on May 13.
India exported 0.45 MnT pig iron in FY18 according to customs data maintained with SteelMint, up 32% Y-o-Y. NINL remained largest exporter at 0.19 MnT followed by Vedanta at 0.17 MnT.
Global pig iron export prices stable with limited trades – Global pig iron export market seems to have remain quiet over less trades being witnessed in last few weeks. Price assessment for CIS origin high manganese pig iron is around USD 370-385/MT, FoB Black Sea. SteelMint’s Indian pig iron export price assessment stands at USD 365-370/MT, FoB India.
Eastern India domestic pig iron prices correct post NINL resumption – Domestic pig iron prices in eastern and central India have corrected sharply over resumption in supplies from NINL. In a week’s time eastern India pig iron prices have come down by INR 500-600/MT. For Steel grade pig iron price is around INR 30,800-31,200/MT (basic prices, GST extra).
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