MMTC, India’s largest and state owned trading house, has extended the due date for its 30,000 MT non-alloy Pig Iron export tender which it had floated on behalf of Neelachal Ispat Nigam Limited (NINL).
In the corrigendum issued today, the due date for submission of bids has been extended to 14:30 hrs on 08 Sept’17 which was 01 Sept’17 earlier.
As per market participants, the company has extended the bid due date in order to elicit better participation. Trade sources are of the view that owing to prevailing holidays across major markets like Middle East etc the tender might have observed lesser participation.
Another major private pig iron manufacturer had floated an export tender for around 25,000 MT pig iron. Market participants indicated that bids received were in the range of USD 360/MT, FoB India. However the company is eyeing for level of USD 370/MT, FoB India. The tender is still under negotiation and is yet to be concluded.
Price assessment for CIS origin pig iron is USD 365/MT, FoB Black Sea and that from Brazil is USD 350/MT, FoB.
Trade sources highlighted that market sentiments have softened this week and trade activities have remained dull amid prevailing holidays and market is seeking direction.
It seems that buyers are adopting ‘wait and watch’ approach in order to get a clear direction of the market.
On the other hand, imported scrap prices in Turkey have remained unmoved this week owing to prevailing national holidays. Last assessment of HMS of US origin is at USD 355/MT, CFR Turkey. Thus buyers are yet to get any clear direction for imported scrap prices. This is another reason which has softened sentiments in global pig iron market.
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