Neelachal Ispat has reduced domestic Pig iron prices by INR 500/MT for August. Falling Billet prices and competitive offers from private manufacturers are the major reason behind price correction.
Currently, NINL is offering N1 grade (Si 1.24%) at INR 23,600/MT and N2 grade (Si 1.25- 1.79%) at INR 23,800/MT ex-Cuttack. An additional discount by upto INR 500/MT (USD 8/MT) is also being offered by the company.
|
Quantity (MT) |
Price |
Discount |
|
For lifting less than 1 rake |
23,600 |
No discount |
|
For lifting 1 rake |
23,500 |
100 |
|
For lifting 2 rakes |
23,400 |
200 |
|
For lifting 3 rakes or more |
23,100 |
500 |
1 Rake = 3,500 MT
Basic prices in INR/MT
Recently, the company had settled an export deal of 30,000 MT with Switzerland based trader, Prime Carbon at USD 398.02/MT on FoB Paradip port (East Coast of India).
Indian Pig Iron Prices under Pressure
Pig iron prices in other major market have also fallen slightly owing to fewer buying activities in the market. Steelmakers prefer to hold on purchases owing to poor demand of finished products.
Pig iron manufacturers have managed to hold offers for this week. However, pressure may increase if finished prices continue to fall.
Scarcity of Iron ore in the domestic market poises a big challenge for Pig iron manufacturers. However, falling Coking Coal and Met Coke prices in the global market have given some relief to manufacturers.
In current scenario, the mills are cautious about the production cost, viewing poor finished demand and increasing Sponge iron prices. Here Pooled iron has come out to be a cost saver raw material for induction furnaces.
Though Pooled iron contains high surplus & phosphorus, it is in great demand in the domestic market as it is cheaper by around INR 2,000-3,000/MT than Pig iron. Recently, Tata Steel at Jharkhand has auctioned 3,000-3,500 MT Pooled iron in the domestic market at INR 21,000/MT (basic).
|
Particular |
City |
State |
Price |
W-o-W |
Remarks |
|
Pig iron-Domestic |
Jajpur |
Odisha |
23,300-23,500 |
0 |
NINL reduces prices by INR 500/MT |
|
Girdih |
Jharkhand |
23,000-23,200 |
0 |
Atibir is offering at INR 23,200/MT |
|
|
Raigarh |
Chhattisgarh |
24,800 |
-200 |
Monnet offering at INR 24,800/MT |
|
|
Raipur |
Chhattisgarh |
25,600 |
-100 |
Trade value seen at INR 25,500/MT |
|
|
Durgapur |
West Bengal |
24,000-24,100 |
0 |
Trade price at INR 24,000/MT |
|
|
Vizag |
Andhra Pradesh |
24,600 |
-400 |
RINL offering at INR 24,600/MT |
|
|
Pig iron-Exports |
– |
Odisha |
398* |
+8* |
MMTC settled deal of 30,000 MT at USD 398.02/MT FoB Paradip Port |
|
Pooled Iron-Domestic |
Tatanagar |
Jharkhand |
21,000 |
– |
Available through e-auction |
Prices in INR/MT
*USD price
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