Vizag Steel, a leading state owned Pig iron producer and exporter, has issued an export tender of 20,000 MT steel grade Pig iron with scheduled technical bids on 19 Jan’17 for February shipment.
It is to be noted that the company had canceled the last tender for 20,000 MT steel grade Pig iron which got expired on 14 Dec’16 on account of higher bid expectation according to sources.
The company had 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.
Synopsis of the tender
Quantity: 20,000 MT
Loading port: Vishakhapatnam Port or Gangavaram Port, India
Shipment schedule: Till 28th Feb’17
Another Indian Pig iron export tender by one of the largest trading house-MMTC is in pipeline. The company has issued an export tender around 30,000 T Pig iron which is going to expire on 25 Jan’17. Company’s last export tender for 30,000 MT Pig iron exports settled at USD 291.5/MT, FOB India in the month of Dec’16.
Notably, Indian Pig iron exports are gaining momentum due to increased demand from global buyers. However, due to demonetization, domestic demand was dull which made Indian Pig iron exporters to look for better opportunities and export potential.
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