Rashtriya Ispat Nigam Ltd (RINL) has re-scheduled its Pig iron export tender for 8 Jan, 2015. Company’s last export tender was for sale of 30,000 MT basic grade Pig iron with scheduled technical & price bid on 18 Dec, 2014. This tender has failed to receive bids from global buyers.
Failure of Bids
The dull sentiments in the global market and ongoing Christmas holidays around the world can be a cause for failure of last export tender. In similar lines, another export tender by Neelachal Ispat Nigam Ltd (NINL) also failed to get response, which was later scheduled to 5 Jan, 2015.
Sesa Sterlite is exporting about 35,000 MT of Pig iron to Middle East from Goa Port.
Indian Pig iron manufacturers are currently offering in the range of INR 20,500-22,500/MT. With increase in merchant Pig iron participants in market added with failure of export deals are building price pressure in the domestic market.
With reference to the last tender issued for Pig iron export dated 27 Nov’14, the product specifications are:
- Grade: Basic
- C: 3.5-4.5%
- Mn: 0.50% max
- Si: 1.0% max
- P: 0.12% max
- S: 0.05% max
The delivery of material will be till 28 Feb, 2015 at FoB Vishakhapatnam Port or Gangavaram Port on direct export basis. Also, last date of bid submission will be 08 Jan, 2015 at 15.00 hrs and technical bids will open on the same day at 15.30 hrs.
Last Pig iron export tender by NINL is settled at around USD 330/MT FoB East Coast of India in the month of November, with a sharp fall of USD 60/MT from the previous deal.
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