Rashtriya Ispat Nigam Limited (RINL) has extended the date of opening 30,000 tons Basic grade Pig iron (Si% 1.0) export tender, after it failed to receive bids on 17 June.
The export tender was earlier floated on 06 June.
Last date for submission of bids: 1500 hrs on 22nd
Last date for opening of technical bids: 1530 hrs on the 22nd
Opening of price bids: 1530 hrs on the 25th
Delivery schedule: 15 July
It has been heard that RINL is anticipating bids at a minimum of $390/MT FoB Vizag Port and importers are in a dilemma whether to participate or not as market is quite unpredictable.
Though, the state owned Pig iron maker has extended the date by only 5 days more, chances are less that it would receive high bids as Rupee has weakened further to 58 levels and Scrap as well as Pig iron prices ($395-400/MT CFR Korea) are on the lower side in international market.
RINL's current stock position is 60,000 tons of Pig iron and the company is concentrating on domestic sales at the moment to clear stocks.
Domestic offers at Rs 22,100/MT (ex works Vizag) are expected to come down further provided it fails to receive bids for the export tender from international buyers.
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