RINL had offered 30,000 MT of Basic grade Pig iron (Si 1 %) through an export tender on 07 Mar, 2014 for April shipment.
A single buyer had participated in the tender and got through the technical round on 20 Mar, 2014; bid price of the tender had opened on 25 Mar, 2014.
Prime Carbon GmbH, a Switzerland based trader who has been actively participating in Indian Pig iron export tenders since last fiscal year, had quoted a price at USD 374.03/MT FoB. INR has appreciated to 60 against USD.
As per SteelMint analysis with reference to an article posted on 26 Mar 2014, RINL has awarded this tender after the trader lifts the bid price to USD 377.03/MT FoB Vizag port. The trader is expected to sell out the cargo to Malaysia.
The previous bid price was low compared to the company’s domestic Pig iron prices at INR 24,250/MT (ex works Vizag).
RINL, a state owned and India’s 2nd largest Pig iron exporter has lowered domestic prices by INR 750/MT to INR 23,500/MT (ex works Vizag) for Apr, 2014.
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