In fresh price revision India’s largest merchant pig iron manufacturer & exporter – NINL, has reduced its prices for both steel & foundry grade by INR 400/MT (USD 6).
This is the 2nd time price reduction in the running month; prior to this on 6th Jun the company has already reduced prices by INR 500/MT (USD 8).
The latest offers are reported for Steel (N1) grade at INR 20,500/MT (USD 315) & Foundry (N2) grade at INR 20,750/MT (USD 320); prices are basic, ex-Cuttack, East India. Bulk purchase discount also being offered in the range of INR 100-400/MT.
It seems that weak demand globally has forced the manufacturer to reduce their prices further.
For NINL price circular click here
MMTC Cancels Couple of Export Tenders
MMTC on behalf of NINL has canceled its 30,000 MT pig iron export tender which had expired on 15 Jun’17, according to market participants. For the same tender company has received bids about USD 290-292/MT which was quite low as the officials were expecting higher.
Although, the company has issued fresh export tender for the same quantity on 19 Jun which will expire on 27 Jun’17.
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