India’s largest merchant steel grade Pig iron manufacturer, Neelachal Ispat (NINL) resumes offers for steel grade pig iron in domestic market after quite some time. Plant is shut down for more than couple of months due to capital maintenance.
“The plant undergone for maintenance in last week of Nov’17 for a minimum of 2 months, however the company will try to expedite the process. Order and dispatches will not be hampered as we have some inventories,” an official from NINL stated.
The latest offers for Steel (N1) grade material are assessed at INR 23,800/MT (USD 367) & for Foundry (N2) grade at INR 24,200/MT (USD 373), ex-Cuttack, Odisha.
Prior to this, the last domestic circular was issued on 7th Sept which expired on 14th Sept’17, was at INR 25,000-25,250/MT (USD 385-389).
NINL’ Pig Iron Production Up 14%, Dispatches Down 30% in Oct’17
The Company’s pig iron dispatches have come down 30% M-o-M as it was recorded at 40,074 MT in Sept’17. Meanwhile, hot metal production in Oct’17 stood at 34,140 MT, up 14% M-o-M and its pig iron production was recorded at 32,092 MT last month. Its pig iron production has increased by 14% M-o-M as it was 28,256 MT in Sept’17.
According to provisional customs data maintained with SteelMint, Indian pig iron exports were recorded at 0.31 MnT in FY18 (till Oct’17), out of which share of NINL was nearly 50%.
NINL produces around 50,000-60,000 MT steel grade pig iron per month and largely sells in domestic market also aggressively exports too.
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