Rashtriya Ispat Nigam Limited (RINL) has for the third time offered the 30,000 tons Basic grade Pig iron (Si 1.0%) through an export tender, after it failed to receive any response from overseas buyers, twice this month.
Last date for submission of bids 29 June at 1500 hrs IST
Opening of technical bids 29 June at 1530 hrs IST
Opening of price bids 02 July at 1530 hrs IST
Delivery Schedule 25 July
It has been heard that RINL is willing to conclude the deal at $380-390/MT FoB Vizag Port or above looking at the current exchange rate of INR, and would not accept any lower bid.
The state owned Pig iron maker is keen to export its material as it is difficult to clear the huge quantity of unsold stock, only through domestic sales.
Also, RINL has already been selling its Pig iron at quiet low prices in June and domestic offers might be pulled down further, provided the export tender meets with similar response in July.
Though, chances are less that importers would bid high and have remarked that it is being difficult to take a call on the same due to no big change foreseen in international Pig iron market, in terms of both prices and demand.
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