Pig iron prices in Indian domestic market are expected to maintain stability or may fluctuate slightly from current trade reference prices, the producers in eastern India stated.
They claimed that, as the steel prices increased sharply, there are less chances to cut offers immediately as stocks are also on average basis. With the recent rally in Billet market, price gap between Pig iron & Billet remained positive and recorded close to INR 5,000/MT (USD 70) in Central & Eastern India.
In context to Neelachal Ispat (NINL) price revision, the sources close with the company stated that, the producer may roll-over or slightly change its offers by INR 300-500/MT +/- compared to last domestic steel grade offers of INR 26,750-27,150/MT ex-plant, Cuttack, Odisha.
As per them, stock with the NINL is not up to the mark despite a significant jump in production following considerable better response from the domestic & global buyers.
SteelMint also analyzed that, domestic bookings with NINL are quite better along with recent concluded export tender of 30,000 MT which shipment to be deliver by 15th Mar’19.
It is being learned that, NINL’s last offer was neither cheaper nor high and it was competitive compared with the private producers based in near by markets.
As per SteelMint assessment, steel grade pig iron offers in domestic market hovering at INR 28,000-28,200/MT ex-Durgapur, INR 27,500-28,000/MT ex-Jharkhand, INR 26,800-27,000/MT ex-Jajpur, INR 28,000/MT FoR Raigarh, INR 28,200-28,300/MT FoR Raipur & INR 30,300-30,500/MT FoR Ludhiana. The prices are excluding 18% GST.
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