Indian Pig iron market remains subdued for week 52 (22-27 Dec’14). Buyers prefer to keep their purchases on hold anticipating that prices may fall in January over improved supply of Iron ore. However, manufacturers also kept their offers unchanged and as a result trade activities remained low. Prices assessed for Steel grade Pig iron are INR 20,500-22,000/MT ex-plant.
Induction furnaces have reduced their production owing to poor demand, which have led to fall in demand for Pig iron.
Key Highlights
- Neelachal Ispat may declare fresh prices on 29 Dec, 2014. Current offers are valid till 26 Dec, 2014
- Monnet Ispat offers Steel grade at INR 21,300-21,400/MT (ex-Raigarh, Chhattisgarh)
- Neelachal Ispat’s current offers are INR 21,200-21,400/MT, with additional discount upto INR 400/MT
- SAIL offering 30,000 MT of Pig iron at INR 21,400-21,500/MT ex-Rourkela; discounts upto INR 700/MT
Sesa Sterlite to export 45,000 MT of Pig Iron to Middle East
Sesa Sterlite, one of the largest Pig iron manufacturers in India, is to export 45,000 MT of Pig iron to Middle East from Goa Port.
The deal was settled with UAE based company at around USD 350-360/MT, CFR Jebel Ali. A vessel name River Global will be carrying the consignment. The loading has already started on 18 Dec, 2014 and it is expected to depart for the destination UAE on 29 Dec, 2014.
On the other side, in domestic market, offers for Foundry grade Pig iron are INR 27,000/MT (delivered to Gujarat).
Indian Pig Iron Offers as on Week 52
| Places | Prices in INR/MT |
| Raipur | 22,000-22,200 |
| Raigarh | 21,300-21,400 |
| Durgapur | 21,000-21,200 |
| Cuttack | 21,200-21,400 |
| Jharsugda | 20,700 |
| Rourkela | 21,400-21,500 |
Source: SteelMint Research
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