Neelachal Ispat Nigam Limited (NINL), has resumed domestic Pig iron (Steel grade) sales w.e.f October 09. The company's price trend is the driving force for Indian Pig iron industry.
It is offering the material at prices lower by INR 500/MT in comparison to last offered prices on September 19.
NINL's Current Pig Iron Prices
Grade Si% Price (INR/MT)
N1/Steel Up to 1.24 23,000 (-500)
N2/Steel 1.25-1.79 23,500 (-500)
(Basic Prices; Ex NINL Plant basis)
Prices valid till 31 October
Domestic Pig iron demand is on the lower side as finished steel off take is low.
NINL has received booking orders from local Pig iron buyers and therefore, planned to restart sales,which was on hold from 01-08 October.
Current Stock Position
Stock position for N3/Foundry grade Pig iron is nil and therefore, sales continues to be on hold.
About 20,000 tonnes of N1 grade and 6,000 tonnes of N3 grade is available presently.
Production Target for October
For the month of October, NINL has a total production target of 60,000 tonnes i.e. 2,000 tonnes per day.
Though NINL can produce more than this, it has limited the quantity to about 16 rakes only.
It takes 2 days for the company to meet with production quantity for 1 rake (3,700 tonnes) of the material.
W.e.f 03 October, NINL is also offering Up to 5,000 MT of N1 grade material in a minimum lot of 500 MT to international buyers, through containers.
Price (valid till October 25) is being quoted at USD 391/MT FoB Paradip Port. No deal has been finalized yet.
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