Indian Pig iron market is waiting for Neelachal Ispat Nigam Ltd (NINL) to declare its Pig iron prices.
NINL is the India’s largest Pig iron manufacturer & exporter and its prices are considered as a trend setter. NINL’s last offers, which expired on 17 May’16, were recorded at INR 19,200/MT (USD 285).
Export tender
MMTC on behalf of NINL had floated an export tender of 40,000 MT Pig iron, which expired on 17 May’16. The company received bid from a single participant and is in the process of negotiating the deal. If company manages to conclude the deal, domestic prices may not correct significantly and in case if it does not, NINL may have to cut down prices in order to compete with market prices.
Trade-wise:
1.Jayaswal Neco Industries reduced steel grade Pig iron offers to INR 20,700/MT ex-plant, Raipur. However as per buyers, Odisha Pig iron offers cheaper by INR 200-300/MT landed to plant.
2.Neo Meataliks offered steel grade material at INR 18,300/MT and foundry grade at INR 22,700/MT ex-plant, Durgapur. As per traders, Kajaria Steel is also offering foundry grade Pig iron with low manganese at INR 22,200/MT ex-plant.
3.Hyderabad based manufacturers reported Pig iron is being purchased from Tata Steel (Odisha) and Gerdau Steel (Karantaka) at around INR 21,200/MT landed to plant (including CST & freight). Whereas, offers from Seso Goa and Santwana Steel are higher by around INR 1,000/MT on the same conditions.
4.Tata Metaliks offers for foundry grade Pig iron in Ludhiana (landed) are assessed at INR 28,300-28,500/MT (including ED & Freight).
5. Giridih, Jharkhand based Atibir Industries is offering steel grade material at INR 18,500/MT ex-plant.
6. Adhunik Metalik offers for Pig iron are assessed at INR 19,000/MT ex-plant, Rourkela.
7. Tata Steel’s ferroshots Pig iron offers are evaluated at INR 19,200/MT ex-Kalinganagar, Odisha.
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