Neelachal Ispat Nigam Limited (NINL), a state owned and India's largest Pig iron producer has withdrawn its domestic Pig iron (steel & foundry grade) prices w.e.f August 30 and sales is on hold presently.
On August 27, NINL had lowered offers for N2 (Si% 1.25-1.79) and N3 (Si% 1.8-2.2) grade by Rs 1,000-1,500/MT.
Whereas, sales of N1 (Si% Up to 1.24) grade material was already on hold.
Its current Pig iron stock position is nil as of now and NINL has therefore closed sales.
RINL is likely to Lift Steel Prices for Sep '13
Rashtriya Ispat Nigam Limited (RINL), another state controlled Pig iron manufacturer is likely to offer basic grade Pig iron and other steel products at higher prices.
Offers might move up by Rs 1,000/MT for the month of September.
The most important factor for uptick in its prices for September bookings is the increase in input cost.
Weakening Rupee, which is at 66 level against US dollar presently, had made imports (Coal) quiet expensive.
In the last one week, prices of Sponge iron, semi finished and finished products has moved up by about Rs 2,000/MT across Indian market.
For more details, contact
Seema Goenka
(seema@steelmint.com)
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