Pig iron (steel and foundry grade) manufacturer based in the Central part of India has slashed offers by Rs 300/MT for Steel grade material and by Rs 800/MT for Foundry grade material.
Current ex works prices at Raipur (Chhattisgarh) are standing at Rs 24,500/MT (steel) and Rs 26,000/MT (foundry).
“We were holding a small quantity of Foundry grade Pig iron and therefore did not consider any correction in prices earlier.
As there is hardly any demand for the material, offers have dropped by Rs 800/MT at one go, in order to clear stocks.
Miners based at both Chhattisgarh and Odisha, in the last couple of weeks have lowered Iron ore lumps (an important raw material in Pig iron making) prices up to Rs 500/MT, looking at which Steel grade material is quoted less by Rs 300/MT.
Sales volume in Pig iron is expected to come down due to monsoons.
Prices should sustain at present levels in the weeks ahead, on slow off take of the material”, shared the Pig iron producer located at Raipur.
For more details, contact
Seema Goenka
(seema@steelmint.com)
Leave a Reply