Neelachal Ispat Nigam Ltd (NINL)- India’s largest and state owned steel grade pig iron manufacturer & exporter has further raised its pig iron prices for steel grade by INR 300/MT (USD 4), w.e.f. 20th Sep’18.
Prior to this, the company had raised prices on 11th Sep’18 by INR 1,800/MT (USD 25). Thus the total price hike during September is INR 2,100/MT (USD 29).
The latest offers for Steel grade by NINL floated at INR 30,200/MT (USD 420), which was last recorded at INR 29,900/MT (USD 416); prices are basic, ex-Cuttack, East India. Bulk purchase discounts remained unaltered in the range of INR 100-400/MT.
The company has raised prices on account of limited availability of material due to strong domestic demand and export booking.
SteelMint in its previous article indicated that NINL is to further hike its pig iron prices as the company was taking limited orders due to less stock.
The company’s export tender 30,000 MT basic grade is due to expire on 26th Sep’18. The last export tender floated in mid-August for the same quantity was concluded at around USD 385/MT FoB India.
Leave a Reply