Indian Pig iron exports affected by poor steel sentiments round the globe have fallen by 36% Y-o-Y (Apr’14-Dec’14).
Current Pig iron exports from India is about 0.44 MnT (Apr’14-Dec’14) against 0.7 MnT (Apr’13-Dec’13). Though, after failure of two export tenders, MMTC was the highest Pig iron exporter in Year 2014, shipping about 0.2 MnT followed by Sesa & RINL.
Dull Steel demand and competitive Scrap prices in the global market are the prime reasons for fall in Pig iron exports from India. Noticeably, Scrap prices have corrected by USD 70-80/MT on an average in 2014.
*till Dec’14
If we talk about export destinations, Thailand remains to be the favourite destination with about 37.5% of total exports, followed by Arab nations & South Korea.
Currently, there are two Pig iron export tenders in a row to keep an eye on; the first is of NINL for 40,000 MT and second is of RINL for 30,000 MT. However, export tender opened by NINL on 5 Jan, 2015 is yet to be finalized. While, the RINL tender is scheduled on 8 Jan, 2015. This deal is expected to play a vital role in Pig iron exports from India, looking at its past few months performance.
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