Indian Pig Iron Export Tender Receives Bid amid Rising Interest from Bangladesh

Bangladesh based steel mills are showing interest on Indian Pig iron. Vizag Steel’s Pig iron export tender has received response.

Vizag Steel conducted an export tender for 30,000 MT basic grade Pig iron on 19 Feb’16. Two of the global trading companies named Steel Mont and Shabro Metals have participated in the bid.

Bids value could not be confirmed. “Things are under process and deals are yet to finalize”, said the company’s official.

As per sources, Steel Mont has bid for Pig iron on behalf of Bangladesh steel mill named, Abul Khair. The company (Abul Khair) was also heard to have booked few cargoes of Pig iron from Black Sea.

Increased interest of Bangladeshi steel mills have stimulated Indian Pig iron exports. India had last sold Pig iron to Bangladesh (Abul Khair) at USD 241/MT, FoB Haldia port during Oct’15; quantity offered was 17,500 MT by SAIL-IISCO.

While, last Indian export tender was settled by MMTC at USD 190/MT, FoB Paradip for Thailand during Dec’15.

Global Pig iron prices as on 22 Feb’16

Source: SteelMint Research