India’s leading state owned Pig iron producer and exporter, Vizag Steel (RINL), has recently closed an export tender for 20,000 MT steel grade Pig iron on 14 Dec’16.
The company has managed to attract 3 participants according to sources.
Vizag Steel floated this tender on 07 Dec’16 for 20,000 MT steel grade Pig iron with scheduled technical bids closed on 14 Dec’16 and delivery of the shipment is scheduled till 25th Jan’17.
According to market sources, the company received H1 bid at around 281.5/MT followed by second and third highest at around USD 275, 273/MT respectively, FoB East Coast. However, it is yet to be confirmed.
It is noted that after a time span of 1 year the company has issued an export tender for Pig iron. Meanwhile, the company was engaged in fulfilling its domestic requirement since last year.
Current domestic offers for Vizag Steel’s steel grade Pig iron are at INR 21,500-21,900/MT (USD 320-326/MT). However, domestic demand has been sluggish owing to demonetization which has led to production cut by several induction furnaces.
Alongside, another largest Pig iron exporter, MMTC has recently closed an export tender for minimum 15,000 MT and maximum 30,000 MT basic grade Pig iron on 15 Dec’16. However, results are awaited. The company concluded its last export tender at USD 280/MT, FoB East Coast with shipment scheduled between 20-30 Dec’16.
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