India: MMTC Concludes 30,000 MT Pig Iron Export Tender

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 on 15 Apr’19 and material shipment was scheduled between 10-20 May'19 from Paradip port.

The material offered had specifications as : C: 3.6-4.3%, Si: up to 1.24% , Mn <1%, S:0.05% max, P: 0.15% Max.

According to market sources report to SteelMint, the company fetched decent response in the tender and the tender has been concluded at around USD 370-372/MT, FoB India and the cargo is likely to be shipped to Bangladesh.

Official confirmation from the company could not be received till the time of publishing this report.

Global pig iron offers have remained range bound this week after softening towards the beginning of month amid decline in global scrap offers. Offers from CIS nations is around USD 345/MT, FoB Black Sea and USD 330-335/MT, FoB Brazil. A trading company also reported to have concluded Brazilian origin pig iron export deal below USD 340/MT, FoB recently.

Prior to this, NINL had floated tender for 30,000 MT pig iron which was due on 26 Mar'19. 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.

NINL increased domestic pig iron offers by INR 750/MT - NINL's steel grade pig iron at INR 27,400/MT (USD 392), the prices increased by INR 750/MT (USD 11) as against earlier offers of INR 26,650/MT (USD 381), which was valid till 11th Apr'19. The prices are ex-plant, Cuttack, Odisha (eastern India).