Following constant drop in domestic steel prices & reduced pig iron offers by private mills, NINL- India’s largest pig iron producer has also cut prices.
Neelachal Ispat Nigam Ltd (NINL) – India’s largest and state-owned steel grade pig iron manufacturer & exporter has floated latest offers for steel grade pig iron at INR 26,650/MT (USD 385), the prices fall by INR 500/MT (USD 7) as against earlier offers at INR 27,150/MT (USD 392); ex-plant, Cuttack, Odisha. Meanwhile trade discounts on bulk purchase remain unaltered by producer at INR 100-400/MT.
It is to be noted that during Mar’19, the local Billet prices moved down by INR 1,000-1,500/MT (USD 14-22) & private mills reduced pig iron offers by INR 400-700/MT (USD 5-10). However in this duration NINL was holding offers firm even though the demand was slow. Hence pressure mounted with the mill to keep prices competitive with slight price reduction.
The steel grade pig iron offers by private producers stand at INR 27,500-27,700/MT ex-plant – Durgapur/Jharkhand, INR 26,600-26,700/MT ex-Jajpur(Odisha), INR 27,500-27,700/MT ex-Raigarh, INR 27,800-27,900/MT FoR Raipur & INR 30,400-30,600/MT FoR Ludhiana; excluding 18% GST.
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