Neelachal Ispat Nigam Limited (NINL) offered a total quantity of 60,000 tons (30,000 tons as an optional lot) Pig iron to international buyers, through an export tender on 24 May.
Specification of the material: Steel (N1) grade, Si % up to 1.24.
- Only two parties participated in the tender and got through the technical round.
- The tender received highest bid at $390.02/MT FoB Paradeep Port from Prime Carbon GmbH (Switzerland) for two lots. LG International (South Korea) bid slightly lower at $390/MT FoB Paradeep Port for both lots.
- NINL is yet to take a decision on the bid winner.
- Delivery of the material is to take place during first half of July for 1st lot and during 2nd half of July for the second one, provided the deal is finalized. Delivery basis: FoB Paradeep Port.
- As compared to current domestic prices of NINL's Pig iron at Rs 23,000/MT (ex works), it has received low bids (Rs 22,126 considering 1 USD = 56.73).
If at all NINL decides to award the tender, each of the bidder might be supplied with 30,000 tons of Pig iron as LG International is a new participant and difference between bid price of the importers is quite low.
Leave a Reply