Vizag Steel may Cancel Pig Iron Export Tender

As per sources, Vizag Steel is likely to cancel export tender owing to lower bids.

Vizag Steel (RINL), a leading state owned Pig iron producer and exporter in the country, had opened an export tender for 30,000 MT basic grade Pig iron on 19 Feb’16.

Two of the global trading companies named as Steelmont and Shabro Metals have participated in the tenders.

The company (RINL) is heard to have cancelled the tender and had kept it unawarded.

As per sources, bids received in the tender were around USD 190/MT, FoB India and could not meet company’s expectation. Hence, the company preferred to cancel the tender.

Last Indian export tender was closed at the similar level of USD 190/MT, FoB East Coast of India by MMTC in the month of Dec’15. The shipment (31,500 MT Pig iron) was made to Thailand.

Basic grade Pig iron prices as on Week 9, 2016

Source: SteelMint Research