India's MMTC Concludes 30,000 MT Pig Iron Export Tender - Sources

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 12 Feb'19. The material offered has specification - C: 3.6-4.3%; Si: up to 1.24%; Mn < 1%, S: 0.05% max; P: 0.15% Max. The shipment is scheduled between 05-15 Mar'19 from Paradip port.

According to market sources report to SteelMint, the tender has been concluded at the levels of around USD 355-360/MT, FoB India. However confirmation from company officials was still awaited till the time of publication of report.

Global Pig iron prices increased following hike in scrap offers. Pig iron export offers from CIS nations is assessed around USD 330-335/MT, FoB Black Sea, up by USD 5/MT W-o-W. A private Indian pig iron producer concluded a deal early this week. Deal was reported at around USD 355-360/MT FOB India to Bangladesh.

NINL had increased its pig iron prices by INR 750 on 13th Feb 2019, amid increase in iron ore prices and improved demand from global market. The latest offers by the company floated for Steel grade is at INR 27,150/MT ex-Cuttack.

India's Vizag Steel Pig iron export tender update : India's Vizag Steel had also floated 25,000 MT Pig iron export tender which was due on 13 Feb'19. As per sources report the tender is under negotiations.