Another Pig iron export tender by an Indian producer received low bids.
Vizag Steel, a leading state owned pig iron producer has received lower bids for its 25,000 MT pig iron which closed on 30 Mar’17. The tender is for April’17 delivery. According to sources, company has received the bids at a price level of USD 300/ MT FOB.
However it is under review and yet not concluded.
Recent 30,000 MT pig iron export tender by MMTC, which closed on 29 Mar’17 has received response from two participants and at price level of USD 300/MT FOB. Company canceled this tender due to anticipation of higher bids.
Global pig iron prices have dropped in last few weeks owing to falling scrap prices in seaborne market (prices corrected by around USD 35-40/t). Last deal of Pig iron from India was reported at around USD 317-318/MT FOB India, in third week of March 2017.
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