Indian pig iron producers are offering more cargoes for exports. About 100,000 MT pig iron is offered this week
Indian pig iron producers concluded two deals of 30,000 MT each last week. This has prompted producers to offer more cargo in global market. About 100,000 MT pig iron is offered this week.
MMTC is offering 30,000 MT through a tender, which is expiring on 2 Mar’17. RINL (Vizag steel) is offering 25,000 MT through a tender, which is closing on 28 Feb’17. SAIL is offering 10,000 MT off the tender from India east coast. Another private player is offering 25,000 MT through a closed tender. Almost all the shipments are for March or early April loading.
Last Deals from India
Last deal of MMTC’s 30,000 MT was concluded at around 307-308/MT FOB through tender. Prior to that, Vizag steel’s 30,000 MT was concluded at slightly less that USD 300/MT FOB India east coast.
Reasons for Increased Interest from Global Buyers
1. Rising scrap prices in global market.
2. Absence of Chinese billets from the market, which has led to more steel-melting.
3. Russian and Ukrainian suppliers are booked for March loading.
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