Indian private pig iron manufacturers in eastern region have reduced prices by INR 500/MT (USD 8). The prices decline in line with constant fall in domestic steel prices.
It should be noted that domestic billet & sponge prices have corrected by INR 1,000-1,500/MT (USD 15-23), W-o-W. This has narrowed price gap between billets and pig iron, which has forced manufacturers to look for alternatives.
“Pig iron prices have declined because of falling demand from steel producers. There are two reasons for slump in demand from EAF/IF – minimize price gap between ingot/billet & pig iron and availability of low cost substitutes like – scrap, CPC & cast iron” a producer source in Durgapur, eastern region stated.
Current offers for steel grade pig iron are hovering at INR 24,000-25,800/MT-22,500/MT (USD 305-345) ex-works & excluding GST.
Updates
1. Raipur based IFs are largely procuring CI mold scrap rather than high cost Pig iron. The offers are reported – mold scrap at INR 22,800-23,000/MT & Pig iron at INR 25,700-26,000/MT ; both are excluding of GST.
2. Jharkhand based Atibir Industries have reduced steel grade prices by INR 500/MT to INR 24,100/MT ex-plant, officials reported.
3. Neo Steel, a merchant pig iron manufacturer in Durgapur have reduced offers by INR 300-500/MT to INR 24,600-24,700/MT.
4. Jindal Steel has reduced prices by INR 200-300/MT and are offering Granulated Pig iron (Panther shots) at INR 23,800-24,000/MT & Pooled iron at INR 22,800-23,000/MT ex-Angul, Odisha.
5. Tata Steel offers are firm for Pooled iron at INR 23,000/MT & Granulated Pig iron at INR 24,000/MT ex-Plant, Odisha.
6. According to sources, NINL – India’s largest steel grade pig iron manufacturer has received poor response in the last increase prices by INR 1,000/MT, the price circular expires today.
7. MMTC’s export tender for 30,000 MT on behalf of NINL expire today. Company heard to have received participation from three companies. Highest bid was reported at around USD 378/MT, but no confirmation was received at the time of publishing.
8. Foundry grade pig iron offers by a Western India based manufacturer are assessed at INR 27,500/MT ex-plant & excluding GST.
9. Coking coal prices have lowered slightly and are assessed at USD 222-223/MT CNF India.
Pig Iron reference prices as on 14 Sept 2017
| Steel Grade (Si:1.5% Max; C:3.5-4.3%, Mn: <1.0%, P:0.15%, S: 0.05%) | |||||
| Particular/Delivery | Size, Grade, Origin | Taxes | Prices | 1W | 1M |
| Ex-Cuttack | Steel Grade | Basic Prices, GST @ 18% Extra | 25,000 | 25,000 | 24,000 |
| Ex-Durgapur | Steel Grade | Basic Prices, GST @ 18% Extra | 24,600 | 24,900 | 24,300 |
| Ex-Giridih | Steel Grade | Basic Prices, GST @ 18% Extra | 24,000 | 24,500 | 24,000 |
| Ex-Hyderabad | Steel Grade | Basic Prices, GST @ 18% Extra | 25,500 | 25,350 | 24,750 |
| Ex-Ludhiana | Steel Grade | Basic Prices, GST @ 18% Extra | 27,300 | 27,400 | 27,000 |
| Ex-Raigarh | Steel Grade | Basic Prices, GST @ 18% Extra | 25,800 | 25,500 | 24,700 |
| Ex-Raipur | Steel Grade | Basic Prices, GST @ 18% Extra | 25,800 | 25,500 | 24,800 |
| Ex-Vizag | Steel Grade | Basic Prices, GST @ 18% Extra | 24,600 | 24,600 | 23,700 |
| Foundry Grade (Si:2.0-3.0%, C:3.5-4.2%, Mn: <1.0%, P:0.15%, S: 0.06% Max) | |||||
| Ex-Durgapur | Foundry Grade | Basic Prices, GST @ 18% Extra | 27,500 | 27,433 | 26,500 |
| Ex-Kharagpur | Foundry Grade | Basic Prices, GST @ 18% Extra | 28,200 | 28,200 | 26,700 |
| Ex-Ludhiana | Foundry Grade | Basic Prices, GST @ 18% Extra | 29,700 | 29,800 | 29,500 |
Prices in INR/MT
Source: SteelMint Research
Leave a Reply