The price rally remained in Indian pig iron market following increasing inquiries by Induction furnaces. In latest update, the private pig iron producers in major Indian markets have increased prices by INR 200-500/MT (USD 3-8) during current week.
As per SteelMint assessment offers for the current week (week 46) for low silicon pig iron stood at INR 23,500-25,500/MT (USD 365-395) against last week at INR 23,200-25,500/MT (USD 360-395) ex-works & excluding GST at 18%.
Trade Updates
1. In Central India, Raipur – Steel grade pig iron price assessment for the current week stood at INR 24,800-25,000/MT against last week at INR 24,500-24,700/MT ex-works & excluding GST.
2. Electro Steels based in Bokaro has increased offers to INR 23,500/MT ex-plant & INR 24,000/MT FOR Durgapur. According to the officials, inquiries are strong and releasing limited quantities at this offer prices.
3. Neo Metaliks in Durgapur – West Bengal has offered steel grade pig iron at INR 24,000-24,200/MT against last week at INR 23,600-23,800/MT. Foundry grade material being offered by the manufacturer at INR 27,500/MT.
4. Tata Metaliks has increased foundry grade pig iron prices by INR 700/MT. The latest offers are reported at INR 28,200/MT against last month at INR 27,500/MT; ex-plant, Kharagapur (East India) & excluding GST.
5. Jindal Saw offers for Foundry grade material by the market sources are reported at INR 27,500/MT ex-plant, West India.
6. South India based Gerdau Steel has offer steel grade material at INR 25,750/MT FOR Hyderabad.
7. Offers for Pooled iron & Ferroshots also increase around INR 300-500/MT in last 7-10 days. The latest offers by Odisha based manufacturers are heard around INR 21,500/MT for Pooled iron & INR 22,800-23,000/MT FOR Granulated pig iron; ex-works & excluding GST.
8. Trade participants in North region – Ludhiana reported rise in offers due to price surge in East India & improved demand. The latest trades are reported for Steel grade at INR 26,300-26,500/MT & Foundry grade at INR 28,500-28,700/MT FOR & excluding GST.
9. MMTC’s export tender on behalf of NINL for 15,000 MT basic grade pig iron is expiring tomorrow (08 Nov).
10. According to data vessel line up data maintained by SteelMint stats, Indian bulk Pig Iron exports increase 4-folds in Jan-Oct 2017, Y-o-Y. Indian exports were recorded at 500,000 MT during Jan-Oct’17 which was 120,000 MT during Jan-Oct’16.
Steel grade pig iron reference prices as on 07 Nov’17
| Particular/Delivery | Prices | Min | Max | 1W | 1M |
| Ex-Bokaro | 23,500 | 23,300 | 23,500 | 23,200 | 22,750 |
| Ex-Durgapur | 24,000 | 23,800 | 24,200 | 23,550 | 22,650 |
| Ex-Giridih | 23,500 | 23,500 | 23,500 | 23,200 | 22,400 |
| Ex-Hyderabad | 25,500 | 25,500 | 25,750 | 25,500 | 25,500 |
| Ex-Jharsuguda | 23,500 | 23,250 | 23,750 | 23,500 | 23,700 |
| Ex-Ludhiana | 26,300 | 26,000 | 26,500 | 25,700 | 25,600 |
| Ex-Raigarh | 24,700 | 24,500 | 25,000 | 24,500 | 24,550 |
| Ex-Raipur | 25,000 | 24,700 | 25,200 | 24,550 | 24,750 |
| Ex-Vizag | 25,100 | 24,800 | 25,300 | 25,100 | 25,100 |
Prices are ex-works & excluding GST @ 18%
Source: SteelMint Research
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