Neelachal Ispat, a state owned and one of the largest Pig Iron manufacturers has revised Pig iron prices for the third time in this month.
Company has raised prices by INR 750/MT from its previous offer of INR 24,500/MT to INR 25,250/MT (basic).
Recently, NINL on 22 May, 2014 revised its Pig iron prices by INR 1,500 to INR 24,500/MT, as other private manufacturers had raised their offers on the Supreme Court’s interim order of shutting down 26 key Iron ore mines in Odisha.
Secondary manufacturers are currently offering Pig iron in the range of INR 25,500-28,000/MT and NINL was offering at INR 24,500/MT, which compelled it to revise its offers again.
NINL’s 30,000 MT export tender of Pig iron will be opening on 28 May, 2014. Currently domestic price of Pig iron are at peaks and INR has appreciated to 58.20 against USD. Hence, it would be interesting to see how NINL will react to its export tender and what bids will it receive.
Last deal for exports of Pig Iron was settled at USD 377/MT FOB Paradip Port.
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