Neelachal Ispat Nigam Ltd (NINL), India’s largest and state owned steel grade pig iron manufacturer & exporter has increased pig iron prices for steel grade by INR 500/MT (USD 8) w.e.f. 21st May 2018. However, prior to this on 7th May’18, the company had cut pig iron prices for both steel & foundry grades by INR 1,000/MT(USD 15).
As per company’s circular the latest offers for Steel (N1) grade at INR 30,500/MT (USD 449) & Foundry (N2) grade at INR 31,000/MT (USD 456); prices are basic, ex-Cuttack, East India. Bulk purchase discounts remained unaltered in the range of INR 200-400/MT.
For NINL price circular click here
As per suppliers “the current price hike by NINL has surprised the pig iron market as domestic supply has already increased post NINL resumed operations after its blast furnace capital repair. Also comparatively domestic pig iron prices in India are higher than offers prevailing in global market. It seems that with the recent price hike may result fail to company’s sales target” they added.
In the last week, MMTC, India’s largest and state owned trading house, has floated export tender of 40,000 MT non-alloy Pig Iron on behalf of Neelachal Ispat Nigam Limited (NINL). The due date for submission of bids is 14:30 hrs on 25 May’18. And the shipment is scheduled between 20 Jun-30 Jun’18 from Paradip port.
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