Indian Pig Iron Export Tenders Cancelled Amid High Expectations
MMTC- India’s largest and state-owned trading house had floated export tender of 30,000 MT non-alloy Pig Iron on behalf of Neelachal Ispat Nigam Limited (NINL). The due date for submission of bids was till 26 Mar’19. and the shipment was scheduled between 10th-20th April 2019 from Paradip port.
The material offered had specifications: C: 3.6-4.3%, Si: up to 1.24%, Mn < 1%, S: 0.05% max and P: 0.15% Max.
According to market sources report to SteelMint, the tender received participation from three companies and the highest bid was heard at around USD 360/MT, FoB India. Market participants mentioned that company was looking for higher bids, following which the company cancelled the tender. However official confirmation was not received till the time of publishing this report.
Higher realization in domestic market and recent appreciation of INR against USD could also be the factors behind cancellation of the tender.
Company's current offers for steel grade pig iron in domestic market is assessed at INR 26,650/MT (USD 386) (ex-Cuttack). INR has appreciated to 69 against USD which was at 71 a month back.
Vizag Steel's 25,000 MT pig iron export tender remain cancelled - Vizag Steel had issued an export tender of 25,000 MT basic grade steel making Pig iron for any country other than Nepal. The tender was due on 18 Mar’19 and bid validity is till 25 Mar'19. The material offered had specifications - Carbon: 3.5-4.8 %, Manganese: 0.50% max, Silicon: 1.5% max, Phosphorus: 0.12% max, Sulphur: 0.05% max. As per trade sources report, the company has cancelled the tender amid lower bids received than expectations.
Global Pig iron market overview - Pig iron export offers from CIS nations is assessed at USD 350/MT, FoB Black Sea and from Brazil around USD 3
source: SteelMint
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