India’s largest trading house, MMTC has recently concluded an export tender for 30,000 MT Pig iron which closed on 02 Mar’17. The tender has been concluded at around USD 313/MT, FoB East Coast according to market sources.
MMTC floated this tender on 22 Feb’17 with scheduled delivery of the shipment between 18 Mar- 28 Mar’17. According to sources, the company has managed to attract 5 participants. The highest bid received was around 313/MT followed by second highest (H2) around the same level. However, the company has concluded the tender at H1 prices.
In addition, the company has also released a fresh tender for 30,000 MT Pig iron exports with scheduled technical bids to close on 10 Mar’17. The company is optimistic that prices are likely to move up further in the global market and they will get more opportunities to export pig iron.
Notably, Indian pig iron exports are on peak since few months owing to favorable global market condition. Rising global scrap prices along with absence of Chinese billet in the market which is a substitute for Pig iron as well as limited supply of material by Russian and Ukrainian manufacturers have given opportunities to Indian Pig iron exporters to exports more.
In addition, recently, another major Pig iron exporter, Vizag Steel has also concluded Pig iron exports tender for 25,000 MT on 28 Fb’17. The tender got concluded at USD 312/MT, FoB India for March shipment.
Company issues another 30,000 MT Pig iron export tender
The Company has recently issued another export tender for 30,000 MT Pig iron with scheduled technical bids to open on 10 Mar’17. The material is produced by Neelachal Ispat Nigam Limited (NINL), Duburi, Odisha, India.
Synopsis of the tender
Quantity: 15,000 MT minimum-30,000 MT maximum
Loading port: Paradip Port, India
Shipment period: During 27th Mar’17 – 07 Apr’17
Delivery basis: FOBST Paradip Port
Destination: Any country other than banned
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