Monnet Ispat & Energy Limited (MIEL) has lowered Basic grade Pig iron prices w.e.f 25 June as Tata Steel's cheaper Pooled iron and RINL's Pig iron at big discounts has impacted Indian Pig iron sales.
Current offers from Monnet Ispat stands at Rs 200/MT less to Rs 23,800/MT (ex works Raigarh) and it has managed to receive orders at new price levels.
It might take around two weeks for the company to start producing Pig iron in full swing.
Monnet Ispat is currently producing 700 tons on a daily basis. It is offering 600 tons for domestic sales and 100 tons is for captive consumption.
Tata Steel has sold about 40,000 tons of Pooled iron, which is being offered through e-auctions at a minimum price of Rs 19,850/MT (ex works Jamshedpur).
Landed cost of the material at Raigarh (Chhattisgarh) stands at around Rs 22,200/MT.
It is offering through both Special e-auction which has 20 lots with 500 tons on a single lot (about 10,000 tons) and daily e-auctions (105 tons).
The buyers are mostly end users from West Bengal, Chhattisgarh, Jharkhand and Odisha.
Tata Steel will continue to sell Pooled iron in July also, for the first two weeks.
Vizag Steel is offering Pig iron at discount of Rs 400/MT (on 8,000 tons purchases) to Rs 22,100/MT (ex works).
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