Indian Pig iron prices, which corrected by INR 300-500/MT last week, have showed further correction of INR 200-300/MT on subdued demand.
Indian Pig iron prices have fallen up to INR 200-300/MT owing to low demand and falling Scrap & DRI prices in domestic market. Current offers for Steel grade Pig Iron is hovering in the range of INR 23,600-26,000/MT (USD 393-433/MT) on Ex-Works basis.
Monnet Ispat is offering Steel grade Pig iron at INR 25,100/MT (Ex-Raigarh) with a price cut of INR 200/MT from previous trade. Some deals were heard to be concluded at INR 25,900-26,000/MT (Ex-Raipur); down by INR 100-200/MT from previous trade.
NINL (Neelachal Ispat Nigam Limited), India’s one of the largest and state owned manufacturer & exporter, had corrected its prices by INR 400-500/MT last week. At present, the company is offering at INR 24,100/MT in addition of discount upto INR 500/MT on bulk purchase.
Rourkela manufacturers are also suffering with sluggish demand and as a result they have trimmed their offers to INR 24,700/MT (Ex-Plant). Similarly, manufacturers based at Durgapur & Giridih are offering Pig iron at INR 24,200/MT & INR 24,000 (Ex-Works) respectively; with a reduction of INR 200/MT.
“Scrap prices have corrected upto INR 800/MT and DRI prices upto INR 400/MT in last one week. It is economical to use Scrap over Pig iron,” said a smelter based in Raipur.
Steel Grade Pig Iron Prices
|
Region |
Place |
Price |
Change |
Remarks |
|
Central |
Raigarh |
25,100 |
-200 |
Monnet is offering at INR 25,100/MT Ex-Works |
|
Raipur |
26,000 |
-100 |
Neco offers at INR 26,000/MT – Manufacturer |
|
|
East |
Durgapur |
24,200 |
-300 |
Offers down by INR 300/MT |
|
Giridih |
24,000 |
-200 |
Atibir offering at INR 24,000/MT |
|
|
Rourkela |
24,700 |
-500 |
Adhunik offering at INR 24,700/MT |
|
|
West/South |
Mumbai |
26,500 |
0 |
No price change |
|
Vizag |
25,000 |
0 |
No price change |
Ex-Plant Price
Source: SteelMint Research
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