Indian pig iron prices fall again as supply boosts domestically with the resume offers by Neelachal Ispat (NINL) – India’s largest steel grade pig iron manufacturer.
As per participants, in recent price circular by NINL (Steel grade at INR 29,600-30,000/MT), the company has sold out good quantities in the open market and the largely material sold to Central region as well as in the local market based Inductions.
A Central India – Raipur based source also confirmed that they have booked good quantities with NINL in recent price circular. As per him, the available quantity with NINL in the fresh price circular was about 10,000-20,000 MT and the major proportion was booked for Central region.
The current trade prices in Central India-Raipur reported at INR 30,800-31,200/MT FoR & excluding GST. On 30th Apr’18 (10 days ago), the same material was traded at around INR 32,000/MT FoR & excluding GST.
The private producers in Eastern belt – Jharkhand & West Bengal have also sharply reduced prices by INR 500-1,000/MT (USD 8-15) in line to fetch healthy bookings. However, due to improved availability and falling billet prices the producers as well as traders have delayed their fresh purchases.
Updates
— Neo Metaliks based in Durgapur – East India reported latest offers for Steel grade pig iron at INR 31,500/MT, meanwhile as per officials limited inquires despite cut prices by about INR 500/MT against last trade during start of week at INR 31,800-32,000/MT; ex-plant & excluding GST.
— RSP (Rourkela Steel Plant) tender held in last week was concluded at low prices at around INR 30,200/MT as against earlier tender which was settled at INR 30,400-30,500/MT; ex-plant & excluding GST.
— One of the major supplier based Bokaro, Jharkhand – Electro Steels has reported latest price for Steel grade pig iron at INR 31,000-31,200/MT and last deals stated at INR 31,500/MT.
— Officials from Atibir Industries – Giridih, Jharkhand also mentioned that no fresh deals at the offer prices of INR 31,500/MT for steel grade, ex-plant & excluding GST. The last trades have stated at INR 31,800-32,000/MT.
— Ludhiana, North India based traders also had reduced prices by INR 500/MT (USD 8) in line to decline in East India – the major source of Pig iron for Northern region. The latest prices for Steel grade pig iron evaluated at INR 31,500/MT FoR Ludhiana & excluding GST.
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