Major Indian steel company Vedanta Limited has floated a new export auction for 30,000 mt of basic pig iron (BPI) for March shipment. With sentiments becoming increasingly bullish in the global BPI market, the company is said to be seeking to get $500-510/mt FOB. Meanwhile, in the previous sale of 20,000 mt of BPI, the company accepted $482/mt FOB, as SteelOrbis reported earlier.
Meanwhile, BPI offers in the domestic market have continued to decline. Specifically, BPI prices in the eastern region of India have declined by INR 1,000/mt ($12/mt) to INR 42,500/mt ($514/mt) ex-works, while in the western regions of India BPI offers have settled at INR 41,000/mt ($496/mt) ex-works, down INR 1,000/mt likewise, compared to the previous levels.
$1 = INR 82.66