Neelachal Ispat, India’s largest merchant pig iron manufacturer & exporter has reduced its prices 3rd time in a month. The fresh price reduction is at INR 500/MT (USD 8) for both steel & foundry grade material.
Prior to this the company cut prices twice on 6 Jun & 21 Jun. Thus, this is the 3rd time price reduction in the running month.
The latest offers are reported for Steel (N1) grade at INR 20,000-20,250/MT (USD 307-310) & Foundry (N2) grade at INR 20,250-20,500/MT (USD 310-315); prices are basic, ex-Cuttack, East India. Bulk purchase discount remain unaltered at INR 100-400/MT.
For NINL price circular click here
Trade participants mentioned, domestic demand is continue to decline owing to GST (goods & service tax) which is applicable from 1st Jul.
In addition, there is no fresh export deal being heard by the producer, pressurizing the makers to further reduce the offers for domestic market.
MMTC on behalf of NINL has floated an export tender of 30,000 MT pig iron which is going to expire on 27 Jun.
Last tender by the company has concluded on 02 Jun. However, after that also a tender of 30,000 MT have been canceled due to low bids & got expired on 15 Jun.
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