Steel grade Pig iron manufacturers located in the Eastern region of India i.e. the state of Odisha and West Bengal, have lowered offers in the range of Rs 200-800/MT.
Indian Pig iron index is at Rs 22,400 (ex Cuttack price basis), down by Rs 50 in a week's time.
Prevailing Pig iron Prices (Rs/MT):
Rourkela:23,800 (-600)
Jharsuguda:23,000 (-500)
Durgapur:22,800 (-200)
“Though, we were able to receive booking orders at previous levels, but volumes came down drastically due to cheaper substitute (Pooled iron) available.
There is no extra demand and production is almost equal to consumption.
The current scenario in steel market is such that even on a marginal correction, the buying interest improves in large”, said the Rourkela based manufacturer.
“Pig iron offers at Jharsuguda might drop further, provided sales remain dull as Monnet Ispat prices at Rs 23,800/MT (ex works Raigarh) are quite competitive.
The landed cost of Monnet's Pig iron stands at Rs 24,000/MT and that of ours is higher by Rs 200/MT to Rs 24,200/MT”, remarked Pig iron producer located at Jharsuguda.
Tata Steel has been selling Pooled iron in big quantities through e-auction.
It has been heard that today's lowest offer was at 19,700/MT (ex works Jamshedpur), down by Rs 150/MT, which has further attracted Pig iron takers for fresh Pooled iron purchases.
In Durgapur, Pig iron buyers are being offered some discounts to clear stocks, as demand has been quite weak.
For more details, contact
Seema Goenka
(seema@steelmint.com)
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