Neelanchal Ispat Nigam Ltd, one of the largest Pig iron manufacturers in India, has raised its domestic Pig iron offers by INR 1,000/MT (USD 15/MT) for Apr’16 deliveries.
Current offers for N1 grade (Si content below 1.24%) Pig iron are assessed at INR 19,000/MT (USD 287/MT) ex-Cuttack, with discount of upto INR 400/MT (USD 6/MT) on bulk purchases.
The company’s last offers for N1 grade Pig iron was at INR 18,000/MT (USD 272/MT) and for N2 grade was at INR 18,300/MT(USD 277/MT), ex-Cuttack which got expired on 21 Mar’16.
Alongside, another giant Pig iron manufacturer named Vizag Steel has also recently raised its Pig iron offers by INR 500/MT. Current offers for steel grade Pig iron are assessed at INR 17,300/MT (USD 262/MT) ex-works (excluding Excise and Taxes). The company had kept discount of INR 800/MT (USD 12/MT) on purchase of bulk quantity (12,000 MT) unchanged.
Prices are up due to tight supply and increased prices in global market. According to sources, Vizag Steel has increased prices due to tight supply and increased in-house consumption of Pig iron. Also, for sales in open market, the material is has to be booked in advance due to tight availability of material.
MMTC Current Discount Table
|
N1 Grade Pig iron Prices |
||
| Quantity | Discount Offered | Offers in INR/MT, ex-Cuttack |
| Upto 500 MT | No discount | 19,000 |
| 500 to 2,000 MT | 100 | 18,900 |
| 2,000 MT to 5,000 MT | 250 | 18,750 |
| 5,000 MT and above | 400 | 18,600 |
Offers valid till 19 Apr’16
Note: Exchange rate: 1 USD= 66.6 INR
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