MMTC- India’s largest and state owned trading house, had floated export tender of 30,000 MT non-alloy Pig Iron on behalf of Neelachal Ispat Nigam Limited (NINL). The due date for submission of bids was 14:30 hrs on 26 Sept’18. The material offered had specification – C: 3.6-4.3%; Si: up to 1.24%; Mn < 1%, S: 0.05% max; P: 0.2% Max. The shipment is scheduled between 22 Oct’18-31 Oct’18 from Paradip port.
According to market sources report to SteelMint, the tender received participation from around 2-3 companies and has been concluded at the levels of around USD 388-390/MT, FoB India.
NINL extended its domestic price circular validity till 29th Sept which got expired on 27th Sept. The offers for Steel (N1) grade material was at INR 30,200/MT (USD 412), ex-Cuttack, Odisha. As per updates received, traders have not actively booked quantities in this price circular, however, end users have booked some.
Other private pig iron manufacturers have lowered domestic pig iron offers amid dull demand. In eastern India prices have lowered by INR 500-900/MT W-o-W.
Global pig iron market overview: Pig iron export offers from CIS nations is heard around USD 365-370/MT, FoB Black Sea and that from Brazil is assessed around USD 360-365/MT, FoB Brazil levels.
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