Neelachal Ispat has rolled over Pig iron prices on the backdrop of instability in steel prices.
Neelachal Ispat Nigam Ltd, one of the largest Pig iron manufacturers in India, has kept Pig iron prices unchanged for the month of February.
Current offers for N1 grade (Si content below 1.24%) Pig iron are assessed at INR 17,000/MT, ex-Cuttack with discount of upto INR 400/MT on purchase of bulk quantities. While, N2 grade (Si content 1.25-2.25%) Pig iron is available at INR 17,400/MT, ex-Cuttack (down by INR 100/MT).
Discount Table
| N1 Grade Pig iron Prices | ||
| Quantity | Discount Offered | Offers in INR/MT, ex-Cuttack |
| Upto 500 MT | No discount | 17,000 |
| 500 to 2,000 MT | 150 | 16,850 |
| 2,000 MT to 5,000 MT | 300 | 16,700 |
| 5,000 MT and above | 400 | 16,600 |
| N2 Grade Pig iron Prices | ||
| Any quantity | No discount | 17,400 |
Offers valid till 26 Feb’16
A speedy retreat in steel prices has made Indian buyers cautious. Looking at instability in steel prices in market, the company had rolled over prices for the month.
MMTC’s recent domestic e-auction for Pig iron on 15 Feb’16 failed to conclude any deal. As per sources, the company got bids at around INR 16,500-16,600/MT for 1,000 MT, which was below company’s expectation. Hence, it was not awarded.
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