NINL, a Public sector undertaking and India's largest exporter of Pig iron since 2004-05, has offered 60,000 tonnes of the material to overseas buyers through an export tender today.
With reference to an article posted on September 12, SteelMint mentioned that NIN is expected to float a 60,000 tonnes Pig iron export tender for shipment during mid-October and first half of November.
Shipment of the first cargo will take place by October 20 and the second cargo (an optional lot at seller's decision) will be shipped by November 10, on FoB Paradip Port delivery basis.
Specification of NINL's Pig iron is steel/basic (N1) grade with Si % is up to 1.24.
- Last date of bids submission: By 14:30 hrs IST on September 24 which starts on September 16 at 12:30 hrs IST
- Opening of technical bids: At 15 hrs IST on September 24
- Opening of Price bids: At 15:30 hrs IST on September 25
- Validity of Offers for Acceptance: Till 17:30 hrs on October 03
Domestic Pig Iron Prices might be revised in the Current Week
NINL might revise domestic Pig iron prices in the present week. They were last revised on September 04 and were valid till September 13.
SteelMint thinks there is no room for any correction in prices because of better buying volumes and expectations of the same in the days ahead.
Offers might be raised for steel (N1) grade Pig iron with further discounts in line with RINL's Pig iron prices which moved up by Rs 1,500/MT in the last two weeks and also as NINL will be offering it in limited quantities to domestic takers.
It is difficult to say that NINL might hold domestic sales for high grade (N1) material as on one side, domestic demand is quiet good and on the other, it has to look into the shipment of two cargoes (provided the export deal is closed on a positive note).
Prices of N2 (steel) grade material with Si% 1.25-1.79 and foundry grade (Si% 1.8-2.2) Pig iron might not also witness a downward trend.
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