Neelachal Ispat Nigam Limted (NINL) has opened fresh offers for both Steel & Foundry grade Pig iron with price rise of INR 500/MT (USD 8).
Current offers for Steel grade (N1) material at INR 21,000/MT (USD 308) & Foundry grade at INR 21,500/MT (USD 316) ex-Cuttack, Odisha (East India). The company is also offering discount on bulk purchase for Steel grade upto INR 400/MT & Foundry by INR 100-200/MT.
Traders opinionated that, company has raised prices as most of the plants have curtail production which has directly affected supply in open market, also increase in export deals has push manufacturer to keep prices strong.
In current week the company has also floated 3rd export tender for 30,000 MT Steel grade Pig iron which will expire on 15 Dec’16. Prior to this, the manufacture have successfully settled couple of export tenders at the average price of USD 275-280/MT FOB East coast.
For NINL price circular click here
Secondary market
In current week, renowned manufacturers based in Raipur & Durgapur have also increased their prices by INR 300/MT & INR 600/MT, respectively. Offers increased in line with short supply as number of merchant suppliers have put their plants on maintenance due to high input cost and low selling prices amid weak demand.
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