Neelachal Ispat Nigam Limited (NINL), India's largest and state owned Pig iron exporter, offered 60,000 tons (30,000 tons as an optional lot) of Pig iron to overseas buyers, on the 19th of June.
The export tender has received a good response and a couple of parties participated in the same.
Prime Carbon GmbH (Switzerland) bid highest at $373.02/MT FoB Paradeep Port for 30,000 tons (1 lot).
And, LG International (South Korea) bid lower at $363.15/MT FoB Paradeep Port for 60,000 tons (2 lots).
Considering the exchange value of INR at 60.24, at the time of opening of bids, $373.02/MT converts to INR 22,470.73/MT.
The Cuttack (Odisha) based Pig iron producer is offering the Basic grade material (N1 grade), which is mostly used for export purposes, at a minimum price of Rs 22,500/MT ex works (considering discounts up to Rs 500/MT) to domestic buyers.
It is expected that NINL would award the tender to the Switzerland based importer looking at the negligible price difference stated above.
Shipment period for the 1st lot is during 2nd half of July and mid-June onward, NINL is producing 1,500 tons on a daily basis to meet with export orders.
It was willing to conclude a deal at around $375/MT FoB and above and started.
For more details, contact
Seema Goenka
(seema@steelmint.com)
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