This week, a major Indian steel company Vedanta Limited is said to have closed its latest export tender for 30,000 mt of basic pig iron (BPI) for March shipment at around $490/mt FOB. Though the price is at least $8/mt higher than the level in the previous tender, it is quite low compared to the seller's initial targets. Specifically, a mill was searching to get $500-510/mt FOB. The material is reportedly destined to be shipped to the US.
Apart from that, information about an ex-India BPI sale to the US market has been discussed in the market, though with no confirmation by the time of publication. A cargo of 45,000 mt of ex-India BPI is reported to have been booked to the US at $535/mt CFR, which nets back to around $480/mt FOB. Meanwhile, the Brazilian BPI supplier has managed to get $555/mt CFR Port of New Orleans in its sale of 50,000 mt BPI, for June shipment, as SteelOrbis reported earlier.
Meanwhile, BPI offers in the domestic market have moved sideways. Specifically, BPI prices in the eastern region of India are at INR 42,500/mt ($519/mt) ex-works, while in the western regions of India BPI offers have settled at INR 41,000/mt ($500/mt) ex-works. “The market here is dull, with demand being quite low this week,” an Indian trader stated.