Vizag Steel, one of the leading producer and exporter of Pig iron, has recently closed an export tender for 20,000 MT steel grade Pig iron on 14 Dec’16 and later the company has cancelled the tender on account of higher bid expectation; according to sources.
The company has managed to attract 3 participants and the H1 bid received was at USD 281.5/MT, followed by second and third highest at around USD 274, 273/MT, FoB East Coast respectively. But, the company’s expectation was around USD 300/MT, FoB due to higher cost of production.
Vizag Steel floated this tender on 07 Dec’16 for 20,000 MT steel grade Pig iron with scheduled technical bids closed on 14 Dec’16 and delivery of the shipment was scheduled till 25th Jan’17.
It is noted that after a time span of 1 year the company had issued an export tender for Pig iron. Meanwhile, the company was engaged in fulfilling its domestic requirement since last year.
Current domestic offers for Vizag Steel’s steel grade Pig iron are at INR 21,500-21,900/MT (USD 320-326/MT). Due to better realization from the domestic market, the company is not planning to issue any export tender in the near term.
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