Rourkela raised its offers owing to NINL price hike and also RSP is not offering Pig iron to domestic buyers. Whereas, Chhattisgarh manufacturers offers are unchanged, even after surprises brought by state government in the budget.
Chhattisgarh state budget has being released and government reduced VAT from 5% to 2% for Pig iron.
Speaking to few Pig iron manufacturers based in Chhattisgarh, it reveals that offers of Pig iron are still stable. Raigarh is offering Steel grade at INR 25,400-25,500/MT (basic) and Raipur is offering at INR 26,000/MT (basic).
[su_quote]“There is less chance of prices change in Pig iron owing to state budget, because the prices of raw material used (Iron ore) is untouched. The one benefited with the reduction in VAT for Pig iron would be its users (Ingot, Billet manufactures)”, says a manufacturer based in Raipur.[/su_quote]
Rourkela raised its Steel grade offers by INR 500/MT to INR 24,500/MT, indicating there is good demand in the region.
[su_quote]Manufacturer based there in Rourkela stated, “RSP closing its offers and NINL raising it offers by INR 500/MT for N1 grade had made the entire major manufacturer follow the suit.”[/su_quote]
Low offers by RSP made many buyers switch for low priced material, and other manufacturers were forced to match up the low prices.
Pig iron in Cuttack market is hovering at INR 24,000/MT (basic); one of the major manufacturer was selling at INR 23,900/MT (basic).
Manufacturer at Giridih reported, demand for Pig iron in the region was dull causing no change in prices which were hovering at INR 24,400/MT (basic)
[su_quote]Whereas, trader based in Durgapur explained, “Demand is good but the manufacturers are not interested in purchasing of material at high prices.”[/su_quote]
Steel grade prices hovering at Durgapur were at INR 24,700/MT; sold at INR 24,500/MT (basic) in bulk purchase.
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