Neelachal Ispat Nigam Ltd (NINL), India’s largest and state owned steel grade pig iron manufacturer & exporter has further increase pig iron prices for both steel & foundry grade by INR 1,000/MT (USD 15) for Sept 2017.
Prior to this, the company has increased offers twice on 03rd Aug by INR 3,000/MT (USD 45) and on 18th Aug by INR 1,000-1,250/MT (USD 15-20) to INR 24,000-24,250/MT.
The latest offers are reported for Steel (N1) grade at INR 25,000-25,250/MT (USD 390-395) & Foundry (N2) grade at INR 25,500-25,750/MT (USD 400-403); 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
According to the trade participants, “The Company has increased prices in line with strong demand in both domestic & exports and also due high input cost on rising global coking coal & scrap prices”.
Export Tender
MMTC on behalf of NINL had floated pig iron export tender for 30,000 MT for which the bid submission due date is 08 Sept’17. According to market sources report to SteelMint, the company is expecting bids in the range of USD 380/MT, FoB India. The company had cancelled the previous tender which it had floated in Aug’17 on higher bids expectations.
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