India: RINL holds Pig Iron Prices for November

Rashtriya Ispat Nigam Limited (RINL), India’s one of the largest Pig iron manufacturers, has kept its offers unchanged for November deliveries.

The company officials mentioned that cyclone Hudhud which hits Indian East Coast on 12 Oct, 2014 has hampered the production to an extent; resulting to limited stock in hand. Current offers are at INR 23,300/MT ex-Vizag. Company has also extended its 40,000 MT export tender owing to cyclone.

Trade Wise

Pig iron offers have fallen in eastern India on the backdrop of weak demand. Current offers are in the range of INR 22,200-22,400/MT (ex-Durgapur). On the other hand, in Raipur, manufacturers are unwilling to sell at lower price and offering at around INR 24,000/MT (ex- Raipur).

Odisha based manufacturers are offering the material mostly in the range of INR 22,000-22,500/MT based on quantity and deliveries.

Global Market

Cheaper Scrap and Iron ore prices in the global market resulted in poor response for Pig iron in the global market. Prices in CIS have witnessed a sharp fall of USD 15/MT and being offered at USD 375/MT FoB Black sea. Whereas, Brazil manufacturers are offering the material at USD 380/MT FoB. Cheaper Billet from China is also coming out to be a new threat for Pig iron suppliers. Few mills in Turkey (one of the major consumers of Pig iron) were heard to book Chinese Billet for producing Rebar instead of Pig iron or Scrap.

Steel Grade Pig Iron Prices 

* USD/MT
Source: SteelMint