Indian Pig Iron manufacturers cut offers in line with NINL

Pig Iron prices witness correction in the range of Rs 200-900/MT today. Manufacturers in almost all the states are offering Pig Iron at lower prices due to continuing weak demand for steel products.

On Cabinet Steel Minister – Mr. Beni Prasad Verma's visit to Chhattisgarh, Mr. Ashok Surana, President of Re-roller Association, Chhattisgarh had put forward a proposal. The Cabinet Minister indicated to speak to the Managing Director of BSP on the matter. 

“BSP in latest auction sold 1,20,000 tons of Ingot mould scrap at Rs 26,300/MT and and should supply 10,000 tons of the same every month now onwards. It is being quoted cheaper than Pig Iron because of low yeild”, sources told SteelMint. 

SteelMint is trying to speak to some senior officials of the company.

As per the earlier proposal, the MOU with Bhilai Steel Plant which states BSP should supply 24,000 tons of Pig Iron material to around 300 mini furnaces in the state has not happened for sometime because its material is going in for captive use.

“Pig Iron manufacturers in Jharsuguda, Odisha begin producing Foundry Grade material which is being quoted at Rs 28,200/MT. Whereas, those in Rourkela, Odisha are selling it on discount at Rs 25,300/MT”, said manufacturers from the city. 

“Foundry Grade offers are unchanged in Durgapur, West Bengal  and Delhi, North India because material is not available in sufficient quantity and large plants had no material to sell from sometime. 

Before they stopped bookings, price was standing at Rs 35,800/MT and presently they are offering  at high price, last sales made at Rs 36,700/MT” shared market players.

A trader in Durgapur anticipates fall of Rs 200/MT in a couple of days which might rebound around the mid of this month.

“Pig Iron plants in Odisha, such as NINL, Visa Steel and Mesco Steel supply material to those in Agra” said a trader.  

There is a word in the street that Vizag Steel might cut steel grade offers in the range of Rs 200-300/MT this week 

According to traders in Delhi, they are ready to sell on late payment  conditions of around a month or more to get rid of inventory.

“Pig Iron exports are not happening presently because international prices are on lower side” remarked market players.