MMTC on behalf of Neelanchal Ispat Nigam Limited (NINL) had floated an export tender for 30,000 MT non alloy grade pig iron which got expired on 16 Aug’17.
The material shipment is scheduled between 25 Aug-5 Sept’1 7.
The material specifications is as follows: C- 3.6-4.3°/o, Si-upto 1.24%, Mn<1°/o, S-0.05% max, P-0.2% max.
According to market sources report to SteeIMint, the tender received participation from about three companies with highest bid (H1) around USD 355/MT, FOB.
The 2nd highest bid received was around USD 348/MT followed by the 3rd bid which was further lower by USD 7-8/MT.
Company’s last pig iron export tender in July was concluded around USD 312-313/MT, FoB India.
Thus, the latest tender has managed to receive bids higher by around USD 40/MT against last month’s tender.
In the latest update received on the same, market participants are of the view that MMTC may cancel the tender in expectation of higher bids.
Market sources reported that company is eyeing for USD 7-8/MT higher than the highest bid fetched.
Although company has yet not given any confirmation regarding the cancellation of the tender.
Global Pig iron market overview-Amid bullish sentiments prevailing in the market, pig iron export offers in global market continue to remain firm.
CIS origin pig iron export offers are assessed at USD 365/MT, FoB Black Sea. Brazil origin pig iron export offers are at around USD 350-355/MT, FoB Brazil.
