Vizag Steel, a leading state owned pig iron producer and exporter, has issued an export tender for 25,000 MT Pig iron which closed on 28 Feb’17.
The company has managed to attract 4 participants according to sources. The tender received bids higher by USD 14/MT as compared to previous one owing to favourable global market conditions.
Vizag Steel floated this tender on 24 Feb’17 for 25,000 MT steel grade Pig iron with scheduled technical bids closed on 28 Feb’17 for March shipment.
According to market sources, the company has received highest bid at USD 312/MT, followed by second highest at USD 309/MT, USD 305/MT ,USD 301/MT, FoB India. However, sources also mentioned that the company may have concluded the tender at highest bid i.e. USD 312/MT.
The last tender which closed on 20 Feb’17 received 3 bids and it is concluded at USD 297.5/MT, FoB India for March shipment.
Notably, Indian pig iron exports are gaining momentum due to sharp rise in global scrap prices. Additionally, higher Chinese steel prices as well as absence of Chinese billet in the market have given Indian pig iron exporters room for exports.
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