Neelachal Ispat Nigam Limited (NINL) had received bids from a couple of overseas buyers for 60,000 tons Pig iron export tender, on the 3rd of July.
The Cuttack (Odisha) based exporter received highest bid at $373.02/MT FoB (Free on Board) Paradeep Port from Prime Carbon GmbH (Switzerland) for 30,000 tons of the material and the deal has been finalized.
“We bid a little high as international Pig iron prices looked to witness an upward movement.
But now, we are in a hurry to sell it out to Far East region as soon as we receive the material in the second half of July, due to no indications of any improvement in market ahead”, stated the bid winner.
LG International (South Korea) bid low at $363.15/MT FoB for 60,000 tons of Pig iron.
NINL has offered the additional cargo of 30,000 tons to LG International. The importer has asked NINL to delay the shipment period from 1st half of August to the end of the month and extend time validity of the bid.
Any decision on the same is yet to be taken.
It has been heard that Rashtriya Ispat Nigam Limited (RINL) is on a personal level approaching international Pig iron buyers, MoU holders and also traders, to purchase 30,000 tons of Pig iron at $373/MT FoB levels.
One of the parties has denied to the above.
RINL had earlier, failed to receive any response thrice and due to unavailability of senior officials, offering of any new tender is delayed.
Indian Pig iron index down by Rs 125/MT W-o-W to Rs 22,275/MT (Ex Cuttack price basis).
For more details, contact
Seema Goenka
(seema@steelmint.com)
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