India's Bulk Pig Iron Exports Plunge 57% in 2018
High realization in Indian domestic market and competitive global offers from CIS nations lowered Indian Pig iron export volumes.
Indian bulk pig iron exports fell sharply by 57% Y-o-Y in CY18, as per vessel line up data maintained by SteelMint.
India's bulk pig iron exports recorded at 0.24 MnT in CY18(Jan-Dec) as against 0.58 MnT in 2017, down by 57% on yearly premises.
The significant fall in exports attribute to competitive offers of Pig iron & Scrap globally.
As per assessment made by SteelMint, Indian pig iron export offers in 2018 was high by about USD 10-15/MT than through the CIS suppliers. The average pig iron export offers in 2018 from India hover at USD 380/MT FoB, while from CIS nations it was close to USD 370/MT FOB Black Sea.
Further, the imported scrap offers was quite cheaper than the pig iron. The average export offers of HMS 1&2 (80:20) in 2018 recorded at USD 315-320/MT FoB Europe.
On the other hand domestic pig iron prices moved up from INR 23,000-24,000/MT in 2017 to INR 29,000-30,000/MT in 2018, surged by 25-30%.
Shipper wise export analysis:
India's key pig iron exporters are - MMTC on behalf of NINL, Vedanta Resources (erstwhile Sesa Goa Ltd) & Vizag Steel (RINL). These producers also known as price trend setter for domestic market and the major producers.
MMTC is India's largest pig iron exporter on behalf of NINL, meanwhile in 2018 the company's exports fall by 45% and stood at 0.12 MnT in comparison with 0.22 MnT during 2017.
Vedanta Resources: The company is one of the major prime grade pig iron producer based in Western India. In 2018 its pig iron exports fall by 65% to 0.07 MnT as against 0.21 MnT in 2017.
Vizag Steel: The company produces varity of long steels and one of the price trend setter for Pig iron in Southern India. As per data, it has exported at 0.05 MnT in 2018, declined by 25% as compared to 0.07 MnT during 2017.
source: SteelMint
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