Neelachal Ispat Nigam Limited (NINL), India’s largest Pig iron manufacturer, has further increased its offer by INR 1,300/MT (USD 20). Current offers for steel grade (N1) are assessed at INR 17,700/MT (USD 265) ex-plant, Cuttack. The company is offering a bulk discount of INR 200/MT on the purchase of 4,000 MT and above.
Indian Pig iron prices are rising with increasing export demand and short supply by some secondary manufacturers in domestic market. Pig iron prices rose significantly upto INR 2,000/MT (USD 30) M-o-M.
Pig iron prices are also being supported by sharp increase in coking coal prices in global market, which are currently seen at USD 158-160/MT, FoB Australia against USD 100/MT in Jul’16.
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