A second Pig iron export tender fetched bids higher by USD 4/MT after Vizag Steel’s tender.
India’s largest trading house, MMTC has recently closed an export tender for 30,000 MT Pig iron on 15 Dec’16. The company has managed to attract 2 participants and bids received were tentatively around USD 284/MT, FoB East Coast according to market sources.
Vizag Steel, a leading producer and exporter of Pig iron, has recently closed an export tender for 20,000 MT Pig iron on 14 Dec’16. The company received 3 bids and the highest bid received was at USD 281.5/MT, second and third highest at USD 274.7/MT and USD 273/MT, FoB East Coast. However, the company is yet to decide on the same.
MMTC floated this tender on 06 Dec’16 with shipment delivery scheduled between 26th Dec-05 Jan’17.
Notably, the company’s last 30,000 MT Pig iron export tender which closed on 02 Dec’16 was concluded at USD 280/MT, FoB East Coast.
Indian Pig iron exports are gaining momentum as domestic demand remains dull due to demonetization. In addition, rupee depreciation as well as higher global pig iron market drives pig iron exporters to conclude more export deals.
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