Pig iron offers move up further in Raipur, Central region of India, due to short supply and improved demand.
Current offers for steel grade pig iron are assessed at INR 23,000/MT (USD 353) ex-mill Raipur, where as offers for pig iron coming from other region are assessed at INR 22,800-23,000/MT (USD 350-354), delivered to plant. Last week prices were assessed at INR 22,500/MT (USD 346), ex-mill. All prices are basic and excluding 18% GST.
Granulated pig iron purchased by Raipur based IF/EAF are at around INR 21,500-22,000/MT delivered to plant, excluding 18% GST.
Notably, Raipur is one of the largest consumer of pig iron in India owing to large number of induction furnaces in the region.
Trade Highlights
1. NINL (Neelachal Ispat) concludes 30,000 MT pig iron export tender at around USD 313/MT FOB India east coast; domestic prices likely to be revised soon.
2. Vedanta concluded 11,000 MT pig iron at a price level of above USD 315/MT FOB (exact prices were not confirmed).
3. Jindal steel is offering Granulated Pig iron at INR 20,500/MT & Pooled iron at INR 19,500/MT ex-plant, Odisha.
4. Atibir Industries based in Jharkhand kept offers unaltered at INR 21,000-21,100/MT ex-plant. According to the officials, deals being concluded to North (Punjab), Central (Raipur) & for Eastern India (Durgapur) on ex-plant basis.
5. Offers in Western region are evaluated – Steel grade at approx INR 22,500/MT & Foundry material at INR 25,500/MT ex-plant.
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