Indian Pig iron Prices Slide Further on Limited Inquiries

The private pig iron producers in major Indian markets are reluctant to cut prices over limited demand from the local EA or Induction furnaces due to slump in Ingot/Billet prices. In a week duration the price fall in same proportion in Billet & Pig iron by INR 500-1,000/MT (USD 7-14).

As per pig iron producers, there is no interest from the buyers end at current prevailing offers, hence the prices consistently on down trend. They claimed that, at current offers of pig iron they are unable to get their input cost.

The trade participants also added that slow off take in pig iron and the fundamentals will be clear with the NINL’s fresh price circular, which is due since 30th Sep’18.

SteelMint’s latest price assessment for Steel grade Pig iron stood at INR 29,000-29,500/MT ex-Durgapur/Jharkhand (eastern India), INR 30,800-31,000/MT ex-Raipur/Raigarh (Central India), INR 30,500-31,000/MT ex-Vizag (South India), INR 31,000/MT ex-works (West India) & INR 32,400-32,600/MT FoR Ludhiana (North India), excluding 18% GST.

Trade Log

1. Central region, Raipur based suppliers quoted Steel grade Pig iron at around INR 30,800-31,000/MT, which was last week about INR 31,000-31,200/MT, FoR & excluding GST.

2. Officials from Jindal Steel mentioned limited deals in recent price cuts and offers reported for Panther shots (Granulated Pig iron) at INR 29,000/MT & Pooled iron at INR 27,500/MT, ex-plant, Angul (ex-Odisha).

3. Atibir Industries in Jharkhand has reduced prices by around INR 500/MT and latest offers reported at INR 29,000-29,500 MT. However for bulk buyers discount being offered of upto INR 500/MT.

4. Electro Steels in Bokaro (Jharkhand) has slightly lower their prices to around INR 29,500/MT for steel grade, ex-plant. As per officials buying interest dull at this quotations.

5. Durgapur based Neo Metaliks reported offers for steel grade at around INR 29,500-29,700/MT, as against last week at around INR 30,000/MT ex-plant & exlcuding GST.

6. Ludhiana-North India based stockiest have slightly lower their prices amid poor buying interest. The latest offers reported for Steel grade at INR 32,500/MT & Foundry pig iron at around INR 34,500-34,700/MT FoR & excluding GST.

7. Imported met coke offers slightly fall amid weak exports to China. The latest import offers for the 64% CSR met coke are assessed at around USD 391-392/MT, CNF India.