Indian Pig iron prices have fallen continuously in July due to increased production and low domestic billet prices. Few steel plants reported to SteelMint that aggressive selling pressure is forcing them to sale material at lower prices.
At an average, during Jul’16 offers further fell by around INR 800/MT M-o-M. While in Jun’16, prices declined by INR 1,250/MT against average price of May’16.
Trade highlights
1. Jindal Steel has reduced offers by INR 200/MT to INR 16,800/MT ex-Raigarh. The plant is also offering discount on bulk purchasing.
2. Jayaswal Neco Industries in Raipur has cut offers to INR 17,200/MT ex-plant from previous price of INR 17,500/MT.
3. Pig iron in Odisha (Rourkela & Cuttack) are assessed at around INR 17,100/MT FOR Raipur (including CST & Freight and excluding ED of 12.5%).
4. Atibir Industries based in Jharkhand has reduced production by approx 50% due to poor buying from outside states. Manufacturers’ current offers are INR 17,000-17,100/MT ex-plant.
5. As per Ludhiana based traders, NINL sold Pig iron to them (around 6 rakes) at below price of INR 15,500/MT ex-plant, Cuttack.
6. Durgapur based merchant Pig iron sellers namely Neo Metaliks, Kajaria Iron and Jai Balaji Steel kept offers unaltered to INR 16,300-16,400/MT.
7. In Ludhiana, Pig iron of Sesa Goa (Vedanta Sterlite), Neo Metaliks and NINL is available in the range of INR 21,200-21,500/MT (including all, FOR).
8. Tata Steel** pooled iron tender settled at INR 14,100/MT. As per sources, the tender couldn’t receive good response and approx 50% quantity has only been sold.
9. RSP’s tender is scheduled for tomorrow. Last tender was settled at INR 15,500/MT ex-works.
10. NINL in the last week had reduced prices for both steel & foundry grades by INR 1,000/MT (USD 15).
**Correction
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