Indian pig iron manufacturers have kept offers firm despite weak trades and rising coking coal prices.
Current offers for steel grade material are in the range of INR 20,500-22,500/MT (USD 305-335) on ex works basis, similar to last week offers. While, coking coal offers have increased to USD 252 FOB Australia which was at USD 235-240 during last week; increased by approximately USD 15/MT.
Quite a few merchant pig iron manufacturers have heard to cut down their production owing to high cost of production and low demand.
Above that proposed anti dumping duty on met coke will make situation worse for pig iron manufacturers who are largely dependent on imports.
Trade Overview
Central India based a reputed manufacturer quoted “Buying interest is weak at these levels. Current offers at around INR 21,500-22,000 /MT ex- Raipur ”.
Similar sentiments prevails in India’s eastern region as well. Durgapur, based manufacturers were heard offering steel grade material at INR 21,000-21,500/MT (ex-works) while, buying interest is at INR 20,500/MT.
A participant from SAIL’s RSP tender held last week reported, base price of RSP’s steel grade material was INR 21,000/MT for which the company unable to get a single bid. He further said, the offer quantity was minor at approx 3,000 MT.
Jharkhand based merchant pig iron manufacturer reported that, the offer price of material at INR 21,000-21,200/MT and limited buyers even at INR 20,500/MT.
Tata Steel’s Ferroshots & Pooled iron are almost booked at the price of INR 20,500/MT & INR 19,000/MT (ex-plant) respectively; fresh prices may quote soon.
Leave a Reply