Amid weak domestic demand and falling steel prices, Indian pig iron manufacturers have started exploring export options. According to market sources report to SteelMint, an Indian mill is heard to have concluded one bulk vessel export deal of granulated Pig iron to Bangladesh at around USD 340/MT FoB India recently.
Towards beginning of July NINL reduced its price by INR 1,500/MT to INR 25,000-25,400/MT ex-plant, Cuttack – Odisha. Company’s fresh domestic pig iron circular is awaited. Also, steel grade pig iron prices by private producers in India have weakened by INR 1,700-2000/MT in last one month due to constant drop in steel prices.
Indian pig iron export market remained silent in last couple of months over comparatively better realization in export market but it seems sharp plunge in domestic offers has resulted in exploring export options. NINL’s pig iron export tender for 30,000 MT is due on 22 Jul’19.
According to customs data maintained with SteelMint, bulk Indian pig iron export volumes have come down sharply by 50% in FY19. India has exported 221,260 MT pig iron in FY’19 as against 446,250 MT in FY’18. MMTC (which exports on behalf of NINL) remained the largest pig iron exporter at 141,560 MT down 28% as against 195,350 MT. Vedanta stood the 2nd largest exporter from India at 52,700 MT( down 68%). Other exporter was RINL 27,000 MT (down 46%).
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