Neelachal Ispat Nigam Limited (NINL), India's largest Pig iron exporter since 2004-05, has offered 30,000 tons of material to overseas buyers today, for mid-August shipment.
Specification: Steel grade (N1 grade) Pig iron with Si Up to 1.24%
Last date of bids (technical and price) submission for the export tender is by 14:30 hrs on 05th of August.
An optional lot of 30,000 tons Pig iron has also been offered for shipment during the 1st half of September, at seller's option.
The technical and price bids are to open on the 5th and 6th of August respectively, at 15:00 hrs IST.
Validity of offers is till 17:30 hrs on the 14th of August.
NINL is likely to open domestic Pig iron prices on the 24th July (tomorrow) and further discounts might be offered on purchases of the material in big quantities.
Offers will definitely not move up as it will not be accepted by domestic takers in the current market scenario where they have options of cheaper substitutes.
Some correction in prices, by around Rs 500/MT is highly expected.
Also, we think NINL might surprise market and not offer Steel grade (N1 grade) material for the rest of the month.
It has to look into shipment of Pig iron export orders that have recently been finalized and for the news ones, offered today. Also, Pig iron is being used in Billet making.
For more details, contact
Seema Goenka
(seema@steelmint.com)
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