OST Business Bureau
Bhubaneswar, Sep 17:
With the production of pig iron set to go up in the Neelachal Ispat Nigam Limited (NINL) at Duburi in Jajpur district, the public sector company hopes to export 50,000 tonne steel grade pig iron through the Paradip port.
NINL, which is in joint venture with MMTC Ltd, had earlier signed a deal for delivery of cargo at Paradip port for shipment of 50,000 tonne steel grade pig iron at $375 per tonne.
“The rates could touch as high as USD 380 in the upcoming tender. We have already shipped 60,000 MT in two ships named MV Yulong Ling and MV Ming Yuan in last 30 days,” a company release said.
“The rates are definitely going to rise as other steel commodity prices have witnessed steady rise recently. Besides, the demand for pig iron is good these days. Next week, there will be a global tender for export of 50,000 tonne pig iron by the company,” it added.
Presently, the Odisha Stevedores Ltd (OSL) is the handling agent for the MMTC Ltd at the Paradip port.