India: MMTC Cancels Pig Iron Export Tender; Issues Fresh One

MMTC, India's largest and state owned trading house, had floated an export tender of 30,000 MT Pig Iron which expired on 12 May'17 for Jun'17 delivery.

According to the sources, company managed to receive two bids, which were at USD 280/MT and 301/MT FoB India. According to market participants, the company has cancelled the tender on higher bids expectations.

Following this, the company has issued another fresh tender for pig iron export yesterday. MMTC has an export tender for 30,000 MT non-alloy Pig iron of Indian origin which is scheduled to close on 2nd Jun'17. The material is produced by Neelachal Ispat Nigam Limited (NINL), Duburi, Odisha, India.

Synopsis of the fresh tender issued tender

Quantity: 30,000 MT
Loading port: Paradip Port, India
Shipment period: During 16 Jun'17-26 Jun'17
Delivery basis: FOBST Paradip Port
Destination: Any country other than banned countries

Domestic pig iron prices in India fall sharply - India's largest merchant pig iron supplier and exporter, Neelachal Ispat (NINL) reduced it's steel grade pig iron prices by INR 1,300-1,400/MT over decline in billet prices. Following the suit, major central, western & eastern India based pig iron manufacturers have reduced offers by INR 1,000/MT W-o-W.