India: NINL offers Pig Iron at INR 18,800/MT

Neelachal Ispat has offered 10,000 MT Pig iron for sale in the domestic market at INR 18,800/MT (ex-Cuttack).

NINL, this time is offering N1 grade (Si upto 1.24%) Pig iron, with no additional discount on purchase of upto 10,000 MT. The company previously offered N2 grade (Si 1.25-1.79%) at INR 18,800/MT (ex-Cuttack), with discount of upto INR 700/MT on purchase of 14,000 MT.

Undauntedly, a trader based in Central India has booked a complete lot of 14,000 MT at INR 18,100/MT (ex-Cuttack) looking at price hike in Ingot/Billet and faster bookings taking place in the market.

Participants are expecting rise in steel prices after the heated budget i.e. rise in duties on Long products and upcoming season (summer, when construction activities are at boom).

Note: Prices offered for N1 & N2 grade will expire on 10 Mar’15 and will be sold against 100% advance payment.