India: RINL reduces Pig Iron offer by INR 1,000/MT

RINL, which is amongst India’s largest merchant Pig iron manufacturers, has reduced offers by INR 1,000/MT for December deliveries.

Analyzing the falling pattern of Pig iron prices in the domestic market, RINL has confirmed to offer Pig iron at a lower price of INR 22,600/MT ex-Vizag, allowing further discount of upto INR 300/MT (on purchase of 2 rakes or more). Company has reduced the price by INR 1,000/MT to match the prices in vogue in Indian market. Current offers floating in the domestic market are in the range of INR 21,000-23,000/MT (ex-plants in India).

Domestic market remains stable, holding prices at the same level from a week’s time. NINL, another large company, has corrected Pig iron offers by around INR 1,200/MT a week back, followed by other secondary companies with a price cut of around INR 500-1,000/MT.

Currently, Pig iron at Raipur is traded at INR 22,800-23,000/MT and Raigarh at INR 22,100-22,300/MT on ex-plant basis. Whereas, offers in Durgapur market are in the range of INR 21,800-22,000/MT (ex-plant), showing a slight positive sentiment.

Pig Iron Exports

NINL recently sealed an export tender of 30,000MT Pig iron with Prime Carbon at USD 330.11/MT FoB East Coast of India. A vessel named Ocean Innovation is expected to arrive on 07 Dec, 2014 at Paradip port for this consignment. Besides, there are two export tenders in the pipeline – first one is of NINL with due date on 12 Dec, 2014 and second is of RINL with due date on 18 Dec, 2014.