Vizag Steel Plant (VSP), one of the largest state owned producer of Pig Iron floated a tender of steel grade Pig Iron exports on the 31st of July, that has been shifted to the 14th of this month on weak response”, said market sources.
“There were limited buyers for VSP material this time and highest bid was fetched at $408/t FOB Vizag which is much lower than domestic prices”, said one of the participant.
It is also reported that VSP has cut prices by Rs 500/t for domestic steel mills and current offer stands at Rs 24,500/t (Ex-Works Vizag).
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