India’s largest trading house, MMTC has recently closed an export tender for 30,000 MT Pig iron on 23 Nov’16. According to sources, the company has managed to attract 3 participants and the bids received were tentatively below $ 285/MT, FoB East Coast. However, it is yet to be confirmed.
MMTC floated this tender on 15 Nov’16 which got expired on 23 Nov’16 with scheduled delivery of the shipment between 05 Dec-15 Dec’16.
It is to be noted that due to sudden upsurge in coking coal prices across the globe, global pig iron market is currently on higher side. Export offers from Russia and Ukraine has crossed $ 300/MT mark, FoB Black Sea. In such bullish market, the company was expecting the bids at around $300-310/MT, FoB India from this tender.
Company’s last export tender for 15,000 MT Pig iron which was expired on 08 Sept’16 got cancelled due to high domestic demand. The company had managed to attract 3 participants. Th tender received the highest bid at around $ 247/MT, FoB East Coast, and the second highest bid was at around $242-243/MT, FOB. However, the company canceled the tender owing to better realizations and high demand from domestic buyers.
It is to be noted that last month, SAIL has also exported one 18,000 MT Pig iron vessel to Thailand at $240/MT, FoB Haldia Port. This was the delayed cargo which was booked 2-3 months prior.
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