Rashtriya Ispat Nigam Limited (RINL), had floated export tender of 25,000 MT basic grade steel making Pig Iron for delivery by end Dec’17. Material offered has specifications: C: 3.5-4.5%, Mn: 0.5%(max), Si: 1%(max), P: 0.12% max, S: 0.05% max. The due date for submission of bids was earlier fixed at 11:00 AM on 15 Nov’17.
In the corrigendum issued, the company has extended the due date till 11:00 AM on 21 Nov’17. The opening of technical bids is scheduled on 21 Nov’17 and the offers shall remain valid till 29 Nov’17.
As per market sources report to SteelMint, company’s pig iron export tender did not receive any bids following which it has extended the due date till 21 Nov’17.
Indian pig iron exports stood at 0.5 MnT during Jan-Oct’17. MMTC which exports on behalf of NINL remained the largest exporter at 0.22 MnT followed by Vedanta at 0.15 MnT and RINL at 0.07 MnT.
Domestic pig iron prices weaken on dull buying interest – During the week, private pig iron manufacturers in East India reduced prices due to limited inquiries. However, in Central India offers are more or less firm owing to low availability of material amid supported demand.
The price assessment for steel grade pig iron in Durgpaur/Bokaro/Giridih reported at INR 23,300-23,500/MT which was around INR 23,800-24,000/MT towards the beginning of the week.
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