Steel Authority of India Ltd (SAIL) – India’s largest steel maker conducted auction for Steel grade Pig iron yesterday (27th Feb’19) for sale of about 15,000 MT Pig iron from its Rourkela Steel plant (RSP) based in eastern India.
As per participants, RSP had received poor response as near about 90% (13,500-14,000 MT) material remained unsold in the auction due to an increase in base price by INR 300-400/MT amid high volumes booked in auctions conducted in recent past.
In yesterday’s auction the company quoted base price for the pig iron at INR 27,400/MT as against previous auction on 16th Feb’19 in which base price was at INR 27,000/MT and was settled in the range of INR 27,000-27,150/MT (ex-mill) for 6,100 MT Pig iron.
Pig iron offers through private producers –
The private pig iron producers in eastern India has slightly lowered offers on weak response due to significant fall in domestic billet prices in last week.
— The offers by Neo Metaliks for steel grade is hovering at INR 28,000/MT & Foundry grade at INR 32,500/MT; ex-plant, Durgapur.
— Mesco Steels based in Jajpur, Odisha heard to have dealing for steel grade at INR 27,000/MT ex-plant.
— Meanwhile the Jharkhand based Atibir Industries has floated offers at close to INR 27,600-27,800/MT ex-plant. Moreover deals heard at lessen price by INR 100-200/MT than the quote prices.
— Raigarh, Central India based Jindal steel has maintained offers this week and reported at INR 28,000/MT (ex-plant) for Steel grade.
— Further stockiest in Raipur offered NINL’s steel grade pig iron at around INR 28,300/MT FoR. As per them, NINL is likely to raise offers or keep it unaltered considering less stock with the producer following recent export deal of 30,000 MT fetching very good response and healthy bookings in the last domestic offers floated at INR 26,750-27,150/MT ex-plant, Cuttack, Odisha.
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