Indian Pig iron prices continued to remain under pressure owing to low export. Prices have corrected by INR 200-300/MT in some parts of the country and are assessed at INR 19,500-20,000/MT in Odisha, INR 20,700-21,200/MT in Chhattisgarh and INR 20,800-20,900/MT in West Bengal.
Neelachal Ispat sells over 20,000 MT Pig Iron through Tender
Neelachal Ispat Nigam Limited (NINL) had issued total 9 lots of Pig iron for tender. It was heard that the company has fetched bids in the range of around INR 17,550-20,200/MT (ex-plant, Odisha) and sealed around 4 lots of 100 MT in the range of INR 19,900-20,200/MT.
NINL sold its highest lot of 21,000 MT under special (quantity) consideration at around INR 18,700/MT to a trader based in Raigarh. Though, sale price may seem low, it is almost equivalent to export prices. Last export tender by Vizag Steel was called off due to low bids, which was around USD 306/MT, FoB Vizag for 30,000 MT.
Company will soon issue the price-circular for the unsold lots of Pig iron in the domestic market.
Trade-wise
- Pig iron prices in Raipur are assessed at INR 21,200-21,300/MT
- Raigarh (CG) based manufacturers offering Steel grade at INR 20,800/MT
- Prices in Cuttack (Odisha) are assessed at INR 19,500-20,000/MT
- SAIL offering 52,000 MT at INR 20,100/MT (ex-Rourkela); additional discount of INR 700/MT on bulk purchase
- Jamshedpur based manufacturers are offering Steel grade at INR 20,000/MT
- Prices in Durgapur are assessed at INR 20,800-20,900/MT
- Indian recent export tender was called off; last deal was settled at USD 320/MT, ECI
- CIS reduced Pig iron offers to USD 330/MT, FoB Black Sea.
Pig Iron Prices as on 23 Jan’15
| Particular | Price (Basic) | W-o-W | M-o-M |
| Cuttack | 19,900-20,000 | -700 | -1,000 |
| Durgapur | 20,800-20,900 | -100 | -400 |
| Giridih | 20,500 | -800 | -1,000 |
| Jharsuguda | 20,200 | -500 | -800 |
| Ludhiana* | 26,000 | -500 | -1,000 |
| Raigarh | 20,800 | -100 | -500 |
| Raipur | 21,300-21,400 | -200 | -800 |
| Rourkela | 19,900-20,100 | -800 | -1,000 |
| Vizag | 21,300 | 0 | -1000 |
Prices in INR/MT; ex-plants
*FoR prices, including ED; VAT extra
Source: SteelMint Research
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