Pig iron market opened with a downfall of another INR 200-300/MT in West Bengal and Jharkhand this week. Whereas, prices at other markets remain unchanged.
Pig iron prices in Eastern India have declined owing to increased offers for Pooled iron (substitute of Pig iron) from Tata Steel and SAIL. In recent auction, Pooled iron was sold at around INR 17,500/MT (ex-Tatanagar). While, SAIL was heard to sell 800-1,000 MT at around INR 16,500/MT (ex-Burnpur), confirmed a market source.
Billet Prices rise in Indian Market
Indian Billet & Ingot prices have risen sharply by upto INR 800/MT (USD 13/MT) this week, giving some hope to Pig iron manufacturers. However, it would be interesting to watch how long this uptick sustains as this would be a deciding point for other products too.
Scrap continues to threaten Pig Iron Makers
Scrap continued to be a threat all cross the country for Pig iron manufacturers. Earlier, only Eastern India was untouched by large Scrap imports, but now furnace owners here have also started booking handsome quantity of Scrap, looking at price viability.
Considerable amount of Scrap import was noticed at Haldia Port in past few weeks. Participants shared, “Looking at sharp decline in global Scrap prices, manufacturers here took position in early January, when HMS 1&2 Scrap was at USD 300-310/MT levels, without even assessing the sharp fall in domestic market that was about to take place.”
Trade Journals
- Raipur manufacturer kept offers undaunted at INR 21,300-21,500/MT, ex-plant
- Jindal Steel (Raigarh) also maintains offer at the same level of INR 20,800/MT, ex-works
- Durgapur manufacturers offer Steel grade at INR 19,500-19,800/MT and Foundry grade at INR 23,300-23,500/MT delivered to Durgapur
- Tata Metaliks offers Foundry grade at INR 25,000/MT, ex-plant
- NINL export tender of 40,000 MT Pig iron to open on 26 Feb’15
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