During Nov’16, Pig Iron prices slightly up in East India by INR 500/MT. While, it remain unaltered in Central & South India amid weak trades and sharp increase in coking coal prices.
Current domestic offers for steel grade material are prevailing at INR 20,500-21,500/MT (US$ 305-320) ex-works; offers up by INR 500/MT since beginning of Nov’16. However, during the same period coking coal prices surged approximately by USD 45/MT to USD 321-323/MT CFR India.
Industry experts reported that high coking coal prices may result in reduction of pig iron production in near future ; with current trade prices there are no possibilities to operate plants for long time. They further added that, the manufacturers only option is to either raise prices or put plants on maintenance.
Trade Updates
1. Tata Steel is offering ferroshots at INR 19,800-20,000/MT & Pooled iron at INR 19,000/MT (ex-plant). According to officials limited quantity is available for pooled iron.
2. Jindal Steel’s offers firm at INR 21,500/MT ex-plant, Raigarh.
3. Offers in Raipur are evaluated at INR 21,000-21,500/MT ex-plant.
4. Trade sources in Durgapur reported, steel grade offers by Neo Metaliks at INR 21,500/MT and Jai Balaji Steels at INR 21,000-21,300/MT.
5. Offers marginally up in Ludhiana; steel grade at INR 25,500/MT & foundry at INR 29,000/MT and trades are limited according to traders.
6. NINL’s fresh prices yet to be open for domestic buyers. The company’s last price was at INR 21,500/MT.
7. Global offers continue to surge; US$ 280/MT FOB Russia & at US$ 290/MT FOB Brazil.
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