Neelachal Ispat, India’s largest producer & exporter of Pig iron, has revised Pig iron prices for the 2nd time this month, with a further price correction of INR 200/MT.
Sluggish demand, which has dragged down the Billet prices by INR 1,500-2,000/MT in a month’s time, is now building the similar pressure on Pig iron prices.
Currently, NINL is offering N1 grade (Si 1.24%) at INR 23,400/MT and N2 grade (Si 1.25- 1.79%) at INR 23,600/MT (ex-Cuttack). It is also offering an additional discount by upto INR 500/MT (USD 8/MT).
The company official reported, “Market is so bearish that clients were even negotiating at current offers and asking for further price corrections. But, we could not reduce the prices beyond it.”
|
Quantity |
Price |
Discount |
|
For lifting less than 1 rake |
23,400 |
No discount |
|
For lifting 1 rake |
23,300 |
100 |
|
For lifting 2 rakes |
23,100 |
300 |
|
For lifting 3 rakes or more |
22,900 |
500 |
1 Rake = 3,500 MT
Basic prices in INR/MT
Valid upto 5 Sep’14
Official further added, “Witnessing the current scenario, we are offering small quantity to the domestic market, as we are getting better realization in the international market.”
Sources reported, as the company has received good response in the last Pig iron export tender, which was settled at USD 398.02/MT on FoB ECI basis, it is merely offering around 3 rakes of Pig iron in Bhubaneswar market.
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