“Pig Iron is being quoted at Rs 24,000/MT (Basic price), down by Rs 500/MT w.e.f 1st Oct 12 for domestic buyers”, confirms a senior official at Vizag Steel.
“Inventory built up is the major factor that forced us to correct prices. We expect good sales to take place at reduced price as around 10,000 tons of Pig Iron were sold during September in domestic market and export deals are also doing well”, he shared.
According to sources, fall of raw material prices i.e. coke, iron ore and scrap in international market and fluctuation in dollar resulted for low prices at Vizag Steel.
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