Indian pig iron exporters have turned active and are seen offering material in the global market.
Vizag Steel had concluded tender for 25,000 MT pig iron last week for end Dec delivery. According to market sources report to SteelMint, the tender was concluded at around USD 335-340/MT, FoB India. As per sources the cargo is likely to be shipped to Bangladesh.
Another merchant Indian pig iron exporter is heard to have offered cargo for early Jan’18 shipment. But the deal is still under negotiations and has not been concluded yet. Market participants expect that this cargo is also likely to be shipped to Bangladesh.
MMTC on behalf of NINL had floated export tender of 6,000 MT non-alloy Pig Iron. The due date for submission of bids was 14:30 hrs on 15 Dec’17.
Global pig iron export offers move up – High global scrap prices have pushed up global pig iron offers as well.
Pig iron export offers are now assessed at around USD 350-355/MT, FoB Black Sea, up by USD 15-20/MT W-o-W.
However market participants mentioned that buying interest from countries like Turkey, Italy is still low and buyers are reluctant to accept these price levels.
Reference price assessment for Indian origin pig iron stands at USD 345-350/MT, FoB, unchanged from last week’s assessment.
Domestic pig iron prices in north India increase – Tata Metaliks – India’s one of largest foundry grade pig iron manufacturer has raised its prices by INR 800/MT (USD 13) w.e.f 12 Dec 2017 following which western India based pig iron manufacturers have raised offers.
Yesterday, NINL has also increased pig iron prices both for foundry and steel grade by INR 500/MT.
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