Indian Steel grade Pig iron prices remain stable this week with offers in the range of INR 22,500-24,500/MT (USD 372-405/MT) ex-works.
India’s largest merchant Pig iron producer, Neelachal Ispat (NINL) has held its offers at INR 22,500/MT. However, the company is offering a quantity discount of INR 200/MT. Meanwhile, it is offering PCM Scrap at INR 19,300/MT ex-works from its plant based in Jajpur (Odisha).
Raipur based induction furnace owner mentioned that they have offers at INR 24,300-24,500/MT.
Monnet Ispat is offering Steel grade Pig iron at INR 23,500/MT ex-works from its Raigarh (CG) unit. Not many players are producing Pig iron in Durgapur (WB) owing to unavailability of Iron ore and fall in Pig iron prices. Prices are assessed at around INR 23,500-23,600/MT ex-works.
Pig Iron Export Tender extended
Last export tender of 40,000 MT Pig iron floated by MMTC on behalf of NINL, which was due on 17 Sep, 2014, has extended till 8 Oct, 2014 on account of poor response.
Falling seaborne Iron ore prices in China have made buyers extremely cautious.
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