Indian government-run steel producer Rashtriya Ispat Nigam Limited (RINL) has floated an export tender for 30,000 mt of steelmaking grade pig iron for shipment by the end of August, company sources said.
The company has fixed the last date for submission of bids for July 3 for the entire volume put up for offer.
Delivery will be executed against 100 percent advance payment.
Market sources told SteelOrbis that the producer is targeting $420-430/mt FOB, which is lower than the previous local sale for pig iron but which could be high for buyers considering the expansive freight costs. Previous export deals for Indian pig iron from another mill were reported at $465/mt CFR to the US, as SteelOrbis published on Friday, June 29. Market sources said that these previous deals were under negotiation for at least three weeks and were just finalized lately. Freight has been assessed at over $40-45/mt from India to the US.
Also, another Indian producer NMDC held a tender for a sale of 23,000 mt of pig iron, of which 10,000 mt was transacted at INR 36,500/mt, which is equivalent to $440/mt FOB.