Pig iron manufacturers in India are eyeing for higher prices in export market after witnessing strong participation in domestic market.
MMTC on behalf of NINL had floated pig iron export tender for 30,000 MT for which the bid submission due date is 08 Sept’17. According to market sources report to SteelMint, the company is expecting bids in the range of USD 380/MT, FoB India. The company had cancelled the previous tender which it had floated in Aug’17 on higher bids expectations.
According to market sources report to SteelMint, NINL has managed to book decent quantity in domestic market in its last floated price circular of INR 24,000-24,250/MT (Ex-mill) for steel grade. It is yet to open its fresh price circular.
Other merchant manufacturers have raised domestic pig iron prices amid rising coking coal prices. SAIL Durgapur raised prices by INR 1,500-1,700/MT. Recent tender floated by SAIL RSP for 3,500 MT pig iron received good response and was sold at INR 24,000/MT (ex-plant, GST extra).
Rising domestic pig iron prices and improved participation has compelled pig iron manufacturers to expect higher bids in export market as well.
Another major private pig iron manufacturer had floated a tender for export of 25,000 MT quantity a couple of weeks back. As per sources the company was expecting price level of USD 370/MT, FoB India but bidders remained firm at USD 365/MT, FoB India.
CIS nations pig iron export offers have increased slightly this week by USD 5/MT W-o-W to USD 370/MT, FoB Black Sea.
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