Indian pig iron exports continue to gain momentum due to significant rise in global scrap, coking coal & billet prices. Since 15-20 days, the prices of these products in the international market surge approximately USD 20/MT.
Vedanta Resources, which is one of the India’s largest merchant pig iron manufacturer and exporter will export its 11,000 pig iron export vessel, according to data maintained by SteelMint statistics.
The vessel name Tao Ace to carry 11,000 MT Pig iron from the Mormugao port, based in West cost of India. The exact deal price of this bulk vessel is not yet confirmed but it is heard near to USD 315-320/MT FoB.
Prior to this, the company’s bulk export deals were recorded in Jun’17 for 37,000 MT and another one in Apr’17 for 25,000 MT; the deal price of the vessels was about USD 305-310/MT FoB.
MMTC which is India’s largest trading house on behalf of NINL, has floated a 30,000 MT pig iron export tender which got expired on 14 July. According to the trade participant the tender have received participation’s from 4-5 companies and the bid price heard to higher by approx USD 10/MT to USD 310-312/MT FoB. Currently, the tender under negotiation mode and may get conclude soon, he said.
In the month of Jun’17 MMTC have concluded couple of export deals of total quantity approx 60,000 MT at the price range of USD 300-310/MT FoB.
India’s total bulk pig iron export was recorded at 336,300 in FY17 surge by 26% against 265,900 MT in FY16. Further on monthly comparison it moved to 68,500 MT in June’17 compared with 25,000 MT during May’17.
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