Neelachal Ispat Nigam Limited (NINL), India’s one of the largest merchant pig iron manufacturer & exporter has further increase pig iron prices for both steel & foundry grade by INR 1,000-1,250/MT (USD 15-20).
Prior to this on 3rd Aug’17, the company had raise offers by INR 3,000/MT (USD 45).
The latest offers are reported for Steel (N1) grade at INR 24,000-24,250/MT (USD 375-379) & Foundry (N2) grade at INR 24,500-24,750/MT (USD 382-387); prices are basic, ex-Cuttack, East India. Bulk purchase discounts remained unaltered in the range of INR 100-400/MT.
For NINL price circular click here
The trade participants stated “The Company has increased prices in line with strong demand in both domestic & exports and also due to rising global coking coal & scrap prices”.
MMTC’s export tender on behalf of NINL, which expired on 16 Aug’17 heard to have receive overwhelming response from the global buyers and the bid price are reported above USD 350/MT FoB. However, the tender is currently under negotiation which might get concluded soon, sources reported.
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