NINL which floated the export tender for sale of 40,000 MT Pig iron on 14 Feb’15 fails to receive a single bid in the event. The tender expired on 11 Mar’15, with no bidders in hand.
Black sea offers (considered as global benchmark) for Pig iron are currently resting at USD 245/MT FoB Black sea. Hence, participants at the Indian export tenders compare it and bid accordingly at lower levels. Last bid received in an Indian export tender (RINL) on 11 Feb’15 was around USD 260-265/MT. Although, the company did not award it owing to low bids.
NINL recently conducted an export tender for 40,000 MT Pig iron, closed on 26 Feb’15, which also turned out to be a non-success.
NINL cuts Pig Iron prices by INR 700/MT (USD 11) in domestic market
Neelachal Ispat Nigam Ltd (NINL) has cut steel grade Pig iron prices by INR 700/MT for March deliveries. Current offers for N1 grade are at INR 18,100/MT on Ex- works (Cuttack, Odisha) basis, last offers were at INR 18,800/MT. The offers will be valid till 20 Mar’15.
This week SAIL (Steel Authority of India Ltd) has offered 80,000 MT Pig iron in open sale offer from its Rourkela plant at INR 20,100/MT with additional quantity discount upto INR 2,000/MT.
As mentioned earlier, Pig iron prices in Indian market will continue to remain under pressure, till export prices remain low and big manufacturers increase supplies in merchant market.
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