Steel Authority of India Ltd (SAIL)- Indian state owned steel maker has scheduled pig iron auction tomorrow (14th Sept) for around 9,100 MT from its Rourkela Steel Plant (RSP).
As per trade sources report to SteelMint, the auction is expected to fetch flat bids or marginally lower than previous auction amid recent correction by merchant pig iron producers to adjust to landed cost of NINL’s pig iron.
NINL had increased domestic pig iron prices on 11th Sep’18 by INR 1,800/MT (USD 25) to NR 29,900/MT (USD 416) ex-plant, Odisha. The private manufacturers in central & eastern India claimed that, the NINL prices rise was less than they were expecting as landed cost of NINL pig iron was cheaper. Hence producers were forced to cut prices.
On 05th Sept’18, SAIL had scheduled pig iron auction from its Rourkela Steel Plant and the auction got settled at INR 30,700-30,900/MT (ex-plant) for 3,200 MT.
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