Domestic Pig Iron Prices are continuously moving upward supported by low supply, improved exports and rally in global coking coal and scrap prices.
In fresh update global coking coal offers moved up by USD 12-14/MT to USD 203-204/MT CNF India and similar for scrap (HMS 80:20) which reported rise of USD 15-20/MT to USD 320/MT CNF India.
Indian pig iron offers in last couple of weeks rose by INR 500-1,000/MT (USD 7-15).
SteelMint’s current week assessment for steel grade pig iron with silicon upto 1.5% are at INR 22,800-24,500/MT (USD 355-382) ex-works against last week at INR 22,800-24,300/MT (USD 355-379). Price increased by INR 300-500/MT W-o-W.
Trade Updates:
1. Price assessment for current week in Central India – Raipur are reported at INR 24,300-24,500/MT which was around INR 24,200/MT during last week (week 32) ex-plant & excluding of GST at 18%.
2. BSP (SAIL’s unit in Central India) auction held on 09 July 2017 for CI molds heard to have concluded at increase price of INR 23,300/MT ex-plant & excluding of all taxes.
3. Officials in Tata Steel reported, offers for Pooled iron at INR 21,500/MT & Ferroshots at INR 23,000-23,500/MT ex-plant.
4. Durgapur based merchant Pig iron seller namely Neo Metaliks has increased offers by INR 500/MT and are offering Steel grade pig iron at INR 24,000/MT & Foundry grade at INR 26,300/MT excluding of GST at 18%.
5. SAIL’s IISCO plant heard to have booked a rake steel grade material for Howrah at INR 21,700/MT ex-plant. The last deal was reported at INR 20,500/MT in July 2017.
6. Ludhiana based trade participants reported, low availibility of material due to poor supply from the East & West India based manufacturers. Offers for Steel grade are reportd at INR 26,800/MT and foundry grade at INR 29,000/MT; including local freight & excluding of GST at 18%.
7. South based a Private pig iron manufacturer reported fresh offers for steel grade material are likely to open at INR 24,500/MT and the last trade was reported at INR 23,500/MT in the start of July 2017, FoR Hyderabad & excluding of GST at 18%.
8. SteelMint’s price assessment for export of Steel grade pig iron at around USD 330-340/MT FoB India main port. Last deal from an Indian private pig iron manufacturer was reported at around USD 330/MT FOB India in the mid July.
9. MMTC’s export tender on behalf of NINL is expiring on 16th Aug 2017. NINL’s domestic price circular is expiring on 11th Aug.
10. According to the trade participants, Neelachal Ispat (NINL) have sold out good quantity after recent spurt in price by INR 3,000/MT (USD 46). The offers was at INR 23,000/MT for Steel (N1) grade & INR 23,500/MT for Foundry (N2) grade material.
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