“Neelanchal Ispat Nigam Ltd may reduce its Pig Iron Steel
Grade offers anytime after the 25th of this month provided exports do not take
place in large. Currently, Steel Grade is being offered at Rs 26,000/MT where
as exports are hovering in the range of $470/MT”, reported sources.
“Raipur Steel Grade Pig Iron price slip by Rs 200/MT on
reduction in Ingot price whereas for Foundry Grade it increases by the same to
Rs 30,000/MT due to slight increase in demand from North,” said a trader.
According to trader, demand for Steel Grade at Rs 26,300/MT in
Jharsuguda is good on account of expensive scrap.
“As production of Steel Grade has come down in Rourkela, it
is being quoted at Rs 26,500/MT. Though production is less but there is no
extra demand. Whatever quantity is produced gets sold out in total,”
remarked sources.
Market players said about unchanged offers at Rs 26,000/MT and
Rs 27,800/MT for Steel Grade in Cuttack and Goa respectively on decent sales.
“Durgapur is witnessing power cut of five hours on a daily
basis because of which Steel Grade Pig Iron consumption is less, demand is
ultimately weak and manufacturers cut offers by Rs 200/MT at Rs 27,000/MT.
There is no availability of Foundry Grade material from sometime,” said
manufacturers.
“Local demand in Giridih (Jharkhand) is in few quantities
for Steel Grade and Foundry Grade which kept prices stable at Rs 26,500/MT and
Rs 27,700/MT respectively. Trades in Ingot is less alongwith correction in
price and some of the furnaces are also shut,” informed a city based
broker.
“Pig Iron in Delhi trades at previous offers at Rs
32,500/MT for Steel Grade. Consumption is less due to reasonable scrap offers.
There is shortage of Foundry Grade material and price falls by Rs 1,000/MT at
Rs 34,500/MT. Offers was overhiked so that few booking orders take place but
poor demand in semi finished and finished products resulted in correction of
price,” said a manufacturer.
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