Pig iron export prices in India have recently crossed the levels of 3 years high in recent tender floated by MMTC on behalf of Neelachal Ispat Nigam Limited (NINL) for export of 30,000 MT pig iron (C: 3.6-4.3%; Si: up to 1.24%; Mn < 1%, S: 0.05% max; P: 0.2% Max). The tender got expired on 13 Sept’17.
According to market sources report to SteelMint, the tender observed participation from three companies and the highest bid (H1) stood at USD 378/MT, FoB India. However the company was expecting bids higher by USD 5-7/MT compared to the highest bid received.
After negotiations, the company has concluded the tender at USD 380/MT, FoB India. The shipment period is scheduled from 06-16 Oct’17.
With the tender getting concluded, Indian pig iron export prices have hit more than three years high as these levels were last seen in June 2014.
MMTC has remained by far India’s largest pig iron exporter in CY17 (till Aug’17) with quantity of 0.19 MnT. Other prominent exporters were Vedanta and RINL.
According to sources it is heard that NINL is going for a maintenance shutdown towards the end of this month. It runs a 1.1 MnT of integrated iron and steel plant at Kalinganagar, Odisha.
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