Neelachal Ispat Nigam Ltd (NINL), India’s largest and state owned steel grade pig iron manufacturer & exporter has increased pig iron prices for both steel & foundry grade by INR 500/MT (USD 8).
The latest offers are reported for Steel (N1) grade at INR 24,300/MT (USD 375) & Foundry (N2) grade at INR 24,700/MT (USD 380); prices are basic, ex-Cuttack, East India. Bulk purchase discounts reduced to INR 200/MT from earlier INR 400/MT.
For NINL price circular click here
According to the trade participants, “The Company has increased prices in line with limited availability of material (due to blast furnace maintenance) & rising domestic billet prices which increased almost by INR 500-1,000/MT (USD 8-16) in current week.
Notably, the company’s blast furnace is on capital maintenance since last week of Nov’17. And according to the company officials, productions may resume after couple of month’s.
Market Updates
1. MMTC on behalf of NINL had floated export tender of 6,000 MT non-alloy Pig Iron. The due date for submission of bids is 14:30 hrs on 15 Dec’17.
2. Indian pig iron exporters have turned active following increase in global prices which increase to USD 350-360/MT FoB Russia. Price assessment for Indian origin steel grade pig iron has moved up to USD 345-350/MT, FoB India.
3. The Indian private pig iron producers have slightly raise their offers and are reported (Steel grade) at INR 24,700-25,000/MT ex-Durgapur, INR 24,500-24,700/MT ex-Bokaro & INR 25,000-25,250/MT ex-Raipur.
4. Indian bulk pig iron exports increased by 350% in first eleven months of 2017. Indian bulk pig iron exports were recorded at 530,000 MT during Jan-Nov 2017, which was 120,000 MT during the same period in 2016.
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