“Nilanchal Ispat Nigam Limited (NINL) has reduced its Pig Iron offers for Steel Grade by Rs 300/MT to Rs
25,700/MT (Basic price) on the 19th of this month which was quoted at Rs
26,000/MT (Basic price) previously”, sources reported SteelMint.
“The reduction in price is on account of weak demand and exports
that have not taken place in much quantity”, said market players.
Raipur, Rourkela, Goa and Giridih: “Pig Iron offers remain unchanged as demand is decent and the entire production in Rourkela is being absorbed by the market locally”, remarked sources.
Bhilai: “Demand is poor at current levels due to inferior quality and cheaper substitutes”, said a broker.
Durgapur: “Steel Grade is being quoted at Rs 27,100-200/MT (Basic price). Demand has not improved as sales in finished market is not encouraging. Exports have also come down. Whereas, Foundry Grade is not available”, reported a trader.
Steel Grade price in Vizag improved by Rs 200/MT and demand is average alongwith smooth production. Whereas in Chennai, there has been an increase of Rs 500/MT in both the grades as manufacturers had kept prices unchanged for quite sometime even though raw material and power costs were high.
Jharsuguda and Delhi: Offers come down by Rs 300/MT. Production in Jharsuguda has reduced to 50% on weak demand. Correction of Rs 300-400/MT is anticipated for Steel Grade in Delhi as demand is poor ” said market participants.
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