The consistent strong demand in pig iron has strengthened prices in Central & East India, the regions known as large producer & suppliers to Indian domestic & global market as well.
The latest prices in Central India, Raipur at INR 23,600-24,000/MT, in East India Durgapur at INR 21,800-22,000/MT, in South India Hyderabad (FOR) at INR 23,500-24,000/MT & INR 27,500/MT FOR Ludhiana North region.
The trade participants in Central & East India mentioned that there are robust trades on increase prices. They added prices are likely to remain on higher side analyzing to higher prices of substitute products and better price realization in export deals.
Recently, MMTC has concluded an export tender of 30,000 MT on increased bid prices by USD 3/MT to USD 316/MT FOB.
It should be noted that since beginning of Feb’17 the large producers based in East, South & Western India have settled export deals of around 1,50,0000 MT which shipments are in line and most probably complete by end of Apr’17.
Following the price rise trend in pig iron, the Tata Steel has also increase prices by INR 500/MT (USD 8). The fresh prices by Company are at INR 21,200-21,500/MT for ferroshots & INR 19,300-19,500/MT for Pooled iron ex-plant.
Plant wise update:
1. Jindal Steel is offering steel grade pig iron at INR 23,800/MT ex-Raigarh
2. Suppliers in Raipur are trading Odisha’s pig iron at INR 23,600/MT FOR. Moreover, according to the sources; Raipur based Jayaswal Neco Industries offer is at INR 24,000/MT ex-plant
3. In Durgapur, Steel grade material is being offered by KIC (Kajaria Iron company) and Neo Metaliks at INR 22,000/MT
4. Atibir Industries in Giridih, has kept prices unaltered at INR 22,100/MT ex-plant
5. Ludhiana based trade source added, improve supply by IISCO (Burnpur), NINL (Cuttack), JSW Dolvi (Maharashtra) & Vedanta Sterlite (Goa); steel grade offers at INR 27,500/MT & foundry at INR 31,000-31,500/MT FOR
6. The sources in Hyderabad, South India reported Gerdau steel’s & SLR Metaliks pig iron (steel grade) at INR 23,500-24,000/MT FOR.
Indian Domestic & Global Pig Iron Prices as on 16 Mar’17
| Particular/Delivery | Currency | Taxes | Prices | W-o-W | M-o-M |
| Ex-Cuttack | INR/MT | ED 12.5%, VAT/CST Extra | 22,100 | 0 | + 700 |
| Ex-Durgapur | INR/MT | ED 12.5%, VAT/CST Extra | 21,900 | + 150 | + 1,250 |
| Ex-Giridih | INR/MT | ED 12.5%, VAT/CST Extra | 22,050 | + 800 | + 1,200 |
| Ex-Hyderabad | INR/MT | Including all, VAT excluded | 23,500 | 0 | + 500 |
| Ex-Ludhiana | INR/MT | Including all, VAT excluded | 27,500 | – 50 | + 1,900 |
| Ex-Raigarh | INR/MT | ED 12.5%, VAT/CST Extra | 23,600 | + 800 | + 1,050 |
| Ex-Raipur | INR/MT | ED 12.5%, VAT/CST Extra | 23,600 | + 150 | + 600 |
| Ex-Vizag | INR/MT | ED 12.5%, VAT/CST Extra | 22,500 | + 200 | + 300 |
| FOB Brazil | USD/MT | Duty and taxes Extra | 335 | + 15 | + 30 |
| FOB India | USD/MT | Duty and taxes Extra | 316 | + 3 | + 18 |
| FOB Russia | USD/MT | Duty and taxes Extra | 310 | 0 | + 25 |
| CNF Italy | USD/MT | Duty and taxes extra | 350 | + 20 | + 35 |
Reference prices and for Steel grade material
Source: SteelMint Research
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