India: Vedanta Floats 25,000 MT Pig Iron Export Tender

After remaining less active for almost last three months, Indian pig iron export market has regained some momentum.

India's leading pig iron manufacturer and exporter - Vedanta (Sesa Goa) has floated export tender for 25,000 MT pig iron, as per reliable sources report to SteelMint. The tender floated is for steel grade pig iron having specifications - C- 3.5% min, S - 0.08% max, Si - 1.2% max, Mn - 1.2% max and P- 0.14% max. The material shipment laycan is between 20-25th Mar'20. The company has invited offers which are to be submitted by 26th Feb'20 (15:00 hrs IST) and shall remain valid till 27th Feb'20 (17:00 hrs IST).

Few trade sources highlighted some buying interest at around USD 335/MT, CFR SE Asia. And also some inquiries were heard from China too. However no firm confirmation was received on this till the time of publishing this report.

Indian mills were not very actively looking up for exports in last couple of months amid high realization in domestic market.

Last pig iron export deals reported by SteelMint were in mid of Nov'19 when deals were concluded at around USD 310-318/MT, FoB India for Dec'19 shipments.

India's domestic pig iron prices fall marginally - Presently India's domestic pig iron market has slightly weakened. SteelMint's domestic steel grade pig iron price assessment has come down by INR 100-300/MT W-o-W and is currently assessed at INR 27,300-27,600/MT (USD 380-385) ex-Durgapur and INR 28,100-28,200/MT (USD 392-393) ex-Raipur/Raigarh.

Global pig iron market update - Currently global pig iron offers are assessed at USD 315-320/MT, FoB Black Sea, stable against last week.