On 22 Aug’16, India’s largest and state-owned trading house has issued an export tender for 15,000 MT basic grade Pig iron with scheduled technical bids to open on 08 Sept’16.
In its recent official notification, the company has doubled its tender quantity from 15,000 MT to 30,000 MT on improved demand. In addition, the company has also amended the shipment period. Previously, the shipment period was scheduled between 10 Sept-20 Sept’16 which is now extended till 10 Oct’16-20 Oct’16.
Currently, global prices are strong on improved demand. As Chinese billet prices were up due to rise in raw material prices (i.e. seaborne coking coal and iron ore prices), which has also driven global scrap prices to move up further.
Rising billet prices in the Chinese market, as well as higher global scrap prices, has prompted buyers to look for alternative supplies. In the situation, export offers from India have also increased.
So, MMTC has increased pig iron export quantity to 30,000 MT, in the hope of getting better response for its upcoming tender (scheduled on 08 Sept’16).
It is to be noted that, Indian Pig iron export is at 54,750 MT in Aug’16, against 23,500 MT in Jul’16. Indian Pig iron exports have increased in Aug’16 owing to improved demand from the global market.
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