Neelachal Ispat Nigam Limited (NINL), a state-owned and India’s largest merchant Pig iron manufacturer, has reduced its offers by INR 1,200/MT with an additional discount of upto INR 700/MT. Offers are valid till 12 Dec, 2014.
Current offers for Steel grade Pig iron are INR 21,300/MT (ex-plant, Cuttack, Odisha) with a maximum discount of INR 700/MT on purchases of more than 21,000 MT. Prices have reduced on the backdrop of consistently falling Pig iron & Scrap prices in the global market. The recent export tender of 40,000 MT by NINL has failed to get bids.
Other private manufacturers had corrected prices last week to an extent of INR 21,500/MT (ex- Durgapur).
Steel Grade Pig Iron & Scrap Prices (in INR/MT)
| Particular |
Delivery |
Prices |
| Pig Iron-Steel grade |
ex-Raigarh |
22,800 |
| Pig Iron-Steel grade |
ex-Cuttack |
20,600-21,300 |
| Pig Iron-Steel grade |
ex-Raipur |
23,800 |
| Pig Iron-Steel grade |
ex-Durgapur |
21,500 |
| Pig Iron-Steel grade |
FOB Black Sea |
355* |
| Scrap HMS 1&2 |
CIF Mumbai |
310* |
*USD/MT
Source: SteelMint Research
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