India: NINL’s Pig Iron Offers Unchanged for October

Neelachal Ispat (NINL), India’s largest producer & exporter of Pig iron, has kept its domestic prices unaltered for the month of October. 

NINL, in the months opening, has confirmed to continue with its previous offer for Pig iron in the domestic market for the rest of October. Offers remain unchanged with N1 grade (Si 1.24%) at INR 22,500/MT (USD 365/MT) and N2 grade (Si 1.25-1.79%) at INR 23,000/MT (USD 375/MT) ex-Cuttack.

NINL’s Pig Iron Price Revision in last 4 Months

Company also offers to allow discount of INR 200/MT on lifting of more than 7,000 MT  or more by rail and/or road with a clause of 100% payment in advance.

Indian Pig iron prices have already touched 1-year low. Shortage of Iron ore and coal has given invitation for increase in production cost in short-term. Market experts believe further correction in Pig iron prices will make it difficult for manufacturers to survive.

Many big companies in Central & East India have held their prices from past 2-3 weeks. Currently, Raipur based traders continue to offer Pig iron at INR 24,200-24,400/MT. Similarly, in Raigarh Steel grade Pig iron is offered at INR 23,500/MT, while, in Durgapur, it is at INR 23,300/MT (all prices mentioned are on ex-plant basis). 

NINL is state owned and India’s largest merchant Pig iron producer with an installed capacity of 0.8 MnT located at Duburi, Jajpur in Odisha.