Indian Pig iron manufacturers have turned active in offering pig iron in global market. There are series of export tenders closed by Indian pig iron manufacturers in this month for March shipment.
Increased Chinese steel prices as well as rising global scrap prices have made Indian pig iron exports to gain momentum. Global scrap prices have gone up due to strong buying from Turkey where scrap prices have moved up by USD 14/MT.
Until now in Feb’17, around 2 export tenders of quantity 50,000 MT pig iron got closed for March shipment. In addition, in Jan ’17, around 51,500 MT Pig iron was exported. Few deals from Indian west coast also got concluded on off the tender basis.
Deal updates:
- Vizag Steel , one of the India’s largest steel producer had closed an export tender for 20,000 MT pig iron which got expired on 20 Feb’17. The company has managed to receive bids from 3 participants and the deal has been concluded at USD 297.5/MT, FoB Vizag Port for March shipment according to sources.
- MMTC, another Pig iron export giant, has also closed an export tender for 30,000 MT Pig iron today and the tender received more than 3 participants for March shipment according to sources.
- Vedanta, recently invited bids for export tender of around 30,000 MT pig iron for March shipment. In addition, the company has also concluded an export deal for 25,000 MT pig iron within range of USD 290-295/MT, FOB India and shipment is likely to be made to UAE in Feb’17.
- SAIL, is also in talks with parties to conclude an export deal of 10,000 MT Pig iron. According to sources, the company’s price expectation is around USD 305/MT, FoB India.
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