SAIL Burnpur cuts Pig Iron Prices by INR 500

SAIL (IISCO) at Burnpur has reduced Pig iron offers in the range of INR 17,700-17,750/MT, like other primary manufacturers.

IISCO’s current Mixed Off Grade (MOG) Pig iron offers are INR 500/MT less at INR 17,700-17,750/MT, ex- plant basis. Sources say, “Buyers have already started placing orders at these levels. Around 4 rakes, i.e. 2 each for Ludhiana and Howrah-Kolkata are about to be loaded.”

While in Kharagpur (near Burnpur), Tata Metaliks is offering another grade of Pig iron namely Low-silicon Pig iron (Si 1.2-1.5%) at INR 20,800/MT, ex-works. The similar material is offered at INR 20,200-20,300/MT ex-works, by other secondary manufacturers at Durgapur.

Merchant Manufacturers keep Offers Unchanged

Merchant manufacturers keep Pig iron offers unchanged this week despite of the low demand. State owned manufacturers like Neelachal Ispat, SAIL (RSP) had to cut prices last week, which forced private manufacturers to revise their offers.

Prices at Central India are assessed at INR 19,200-19,300/MT in Raigarh & INR 19,700/MT in Raipur. While in Durgapur, prices have touched INR 18,500/MT on ex-plant basis.

Trade Wise

1. Maharashtra based Induction furnaces have increased the consumption of Pig iron over Scrap owing to low cost
2. Imported Scrap (HMS 80:20) is offered at USD 275-280/MT CFR Nhava Sheva, India
3. SAIL-RSP offers for Pig iron expired on 9 May’15; fresh prices yet to declare
4. RSP delivered Pig iron to Raipur at INR 21,800/MT, including ED
5. MMTC export tender for 40,000 MT Pig iron expire today on 11 May’15
6. RINL offers Pig iron at INR 19,000/MT, ex-Vizag

Steel Grade Pig Iron Price as on 11 May’15

*delivered, including ED
Source: SteelMint Research