Steel Authority of India Ltd (SAIL)- Indian state owned steel maker had scheduled pig iron auction today (18th Aug) for sale about 4,000 MT Steel grade Pig iron from its Rourkela Steel Plant (RSP).
As per participants, RSP has received good response as the offered quantity was fully sold out with higher bid prices. The base price for the tender was quoted by RSP at INR 28,400/MT and the auction got settled at INR 28,800-28,900/MT, ex-plant.
Prior to this, RSP’s last tender was held in 1st week of August for about 3,600 MT pig iron. The set base price was INR 27,850/MT (ex-plant, Jharsuguda) and the bids received were in the range of INR 28,200-300/MT (ex-plant).
Will domestic pig iron prices rise further ?
Global pig iron prices have come down sharply amid decline in global scrap offers. Following this Indian pig iron export prices have also come down and the assessment is heard around USD 370-375/MT, FoB India.
Amid increased pig iron production from NINL and lower offers in exports, it seems that domestic pig iron prices in India may not show sharp hike despite increase in semis & finished steel prices.
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