On weekly basis, Indian pig iron offers are almost remained firm even though trade activities are weak. The private pig iron manufacturers in East India reported, low demand on declining billet & sponge prices in the country.
Meanwhile, the prices of key raw material – Coking coal remain on the rise, SteelMint’s assessment shows price rise of USD 10/MT to USD 215-216/MT CFR India.
Current week price assessment for domestic steel grade pig iron (Si upto 1.5%) are reported at INR 23,700-24,800/MT (USD 370-388) ex-works, similar against last week offers.
Trade Updates:
1. Current week offers in Central India – Raipur are reported at around INR 25,000/MT against last week assessment at INR at INR 24,500-25,000/MT; ex-plant & excluding GST at 18%.
2. Jindal Steel offers unaltered for Granulated Pig iron at INR 23,500/MT & Pooled iron at INR 22,500/MT ex-plant, Angul (Odisha) and excluding GST at 18%. Pig iron last trade reported at INR 24,500/MT which is presently not available with them, officials reported.
3. Durgapur based Neo Metaliks offers firm at INR 25,000/MT amid stagnant demand.
4. SAIL’s DSP (Durgapur Steel plant) & IISCO unit heard to offering steel grade material near INR 23,500-23,700/MT ex-plant & excluding of GST. The offers increase by INR 1,000/MT (USD 15) than the last trades.
5. Ludhiana based trade participants reported dull demand amid good availability of material; prices for Steel grade is around INR 27,000/MT and foundry grade around INR 29,000-29,200/MT; including local freight & excluding GST at 18%.
6. South India based private pig iron manufacturer, Gerdau Steel further increase offers by INR 500/MT to INR 25,500/MT FoR Hyderabad & excluding GST at 18%.
7. SteelMint’s price assessment for export of Steel grade pig iron is around USD 355-360/MT against last week at USD 345-350/MT, FoB India.
8. MMTC’s export tender on behalf of NINL which expired on 16th Aug 2017 heard to have received bids lower than the plant expectation. According to sources, the company received the highest bid was at USD 355/MT. It seems that the tender might get cancelled as the new tender was instantly floated for same quantity which will expire on 1st Sep’17.
9. NINL’s domestic price circular also has been extended to 1st Sept which was earlier expired on 25 Aug. According to sources in Central & North India, the company has lengthened the price circular because there were no major bookings at the increase prices of INR 1,000-1,250/MT owing to decline in billet & sponge prices in the country.
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