Major Indian steel company Vedanta Limited has floated an export auction for 30,000 mt of basic pig iron (BPI) with 0.12-0.15 phosphorus content, produced by its subsidiary Sesa Goa. The material is destined for to be shipped from Mormugao Port, with February 20-26 laycan. The deadline for bids is January 11, with validation by January 13.
The supplier is said to be targeting $480/mt FOB, which is hardly attractive for US customers. Specifically, the CFR price may be around $515-520/mt CFR, taking into account the current freight rate. As SteelOrbis reported earlier, the tradable BPI prices in the US market are not above $500/mt CFR.
Meanwhile, this week BPI offers in the domestic market in the eastern region of India have declined by INR 500/mt ($6/mt) to INR 43,500/mt ($533/mt) ex-works, though the dollar equivalent prices have moved sideways due to currency fluctuations. In the meantime, in the western regions of India BPI offers have settled at INR 42,000/mt ($515/mt) ex-works, down INR 500/mt likewise, compared to the previous levels.
$1 = INR 81.58