Neelachal Ispat Nigam Ltd (NINL)- India’s largest and state owned steel grade pig iron manufacturer & exporter has reduced its pig iron prices for steel & foundry (high silicon) grade by INR 500/MT (USD 7), w.e.f. 5th Feb’19. Prior to this, the company had cut prices during Jan’19 end by INR 500/MT for Steel grade.
The latest offers by the company floated for Steel grade is at INR 26,400/MT (USD 377/MT), N2 grade is at INR 27,000/MT (USD 385/MT) and Foundry (High silicon) grade is at INR 27,500/MT (USD 392/MT); prices are basic, ex-Cuttack, East India. The validity for the domestic pig iron price circular till 14th February.
The company is offering bulk purchase discount on steel grade pig iron by INR 100-400/MT.
Market sources believe that limited domestic demand amid weakening export bookings, the company has slashed prices with an expectation to fetch healthy bookings. MMTC cancelled 30,000 MT Pig iron export tender which expired on 29th Jan’19 amid limited response. Offers from CIS nations at around USD 325/MT, FoB Black Sea and from Brazil around USD 315/MT, FoB. The company has issued new export tender which is due to expire on 12 Feb’19.
— The price assessment for Steel grade Pig iron stood at INR 27,500-27,700/MT ex-Raipur (Central India) & INR 27,000-27,200/MT ex-Durgapur (East region).
— RSP (Rourkela Steel Plant) tender held on 2nd Feb’19 to sell about 10,000 MT steel grade Pig iron. The base price of the tender was at INR 26,800/MT and 6,600 MT quantity have been sold out.
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