Vizag Steel, one of the largest suppliers of Pig iron, has increased its prices by INR 200/MT (US$ 3) for Nov’16 deliveries. Last month, the company also increased its prices by INR 1,000/MT (US$ 15) on rising coking coal prices.
Current offers for steel grade Pig iron are at INR 21,900/MT (US$ 326) ex-Vizag, India. The company is also offering discount of INR 500/MT on purchase of above 5,000 MT, according to sources.
Market sources reported, there are limited buyers at these prices and smelters are looking for low cost substitutes. Prices have increased in line with rising coking coal prices.
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