Indian Mills Book 55,000 MT Pig Iron for Exports - Sources

Indian pig iron export market has regained momentum on active buying from China. Two deals (55,000 MT combined) being concluded recently, SteelMint learnt from market participants.

According to sources, recent tender by state owned mill has been concluded at around USD 310/MT, FoB India for late Dec shipment.

Company floated this export tender for 20,000 MT pig iron (specifications- C: 3.5-4.8%; Mn:0.50% (max); Si:1.5% (max); P:0.12% (max); S:0.050%) , which was due on 12 Nov'19.

Another deal by a private mill is reported at USD 318/MT FoB India west coast for around 30,000 -35,000 MT (C- 3.5% and Si - 1.25% max.) for end Nov- early Dec shipment. SteelMint learned that due to large parcel size and lower vessel freight cost, company has managed to fetch higher bid on FoB basis. This cargo is likely to be shipped to China.

Buying interest from Chinese traders are assessed at USD 330-335/MT CFR China.

Indian pig iron exports were recorded at 191,380 MT during Apr-Oct'9. Major exporters were JSPL, Vedanta & RINL. Prominent destinations were Bangladesh and China.