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 25 Mar, 2014; bid price of the tender opened on 25 Mar, 2014.
Prime Carbon GmbH, a Switzerland based trader who has been actively participating in Indian Pig iron export tenders in this fiscal year, has quoted price at USD 374.03/MT FoB. Rupee has appreciated to 60 against Dollar.
“Demand for Pig iron in Southeast Asia is quite weak. Prices of Iron ore, Coal & Scrap are standing on the lower side and Pig iron is following the similar trend. Looking at the international market trend, prices could not be higher than this,” remarked the trader.
The exporter might not award this tender, provided the trader does not lift the bid price as it is lower to the company’s domestic Pig iron prices.
At present, RINL’s Pig iron stock is low as it has sold about 15,000-20,000 MT of the material in domestic market. Domestic offers are standing at INR 24,250/MT (Ex-works Vizag); discount of INR 500/MT is offered on purchase of 2 rakes.
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