India: Vizag Steel Cancels 30,000 MT Pig Iron Export Tender

Vizag Steel- a leading state-owned Pig iron producer, and exporter, had issued an export tender of 30,000 MT basic grade steel making Pig iron for any country other than Nepal. The tender was due on 08 Jan'19. Amid lukewarm response, the company extended the tender till 18 Jan'19.

As per the latest update received on the same, the company has cancelled the tender. According to sources the the tender fetched participation from a single company and since the bid received was low compared to the company's expectations, it seems the company has canceled the tender.

It was heard that Vizag Steel was looking up for USD 345/MT, FoB India levels. While on the other side, bid put was lower by USD 30-35/MT than the expectations.

Competitive pig iron offers from other nations: SteelMint learned in conversation with market participants that offers from other countries are competitive. Offers from CIS nations is learned to be around USD 320-330/MT, FoB Black Sea. Brazil pig iron export offers are heard around USD 315/MT, FoB levels.

NINL's Pig iron export tender due on 29 Jan'19: 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 14:30 hrs on 08 Jan'19. Amid lukewarm response, the company extended the due date till 18th Jan'19 and again extended till 29th Jan'19.

Recently the company has revised domestic pig iron offers. The latest offers by the company floated for Steel grade is at INR 26,900/MT (USD 379/MT), prices are basic, ex-Cuttack, East India.