TATA Metaliks Limited (TML) – known as the largest Foundry grade pig iron manufacturer in eastern India has further reduced Foundry pig iron offers by INR 800/MT (USD 11) today.
The latest offers by TATA Metaliks for Foundry pig iron is reported at INR 29,600/MT (USD 414) which was earlier trading at INR 30,400/MT (USD 425); ex-plant, Kharagpur, eastern India.
Prior to this, the producer had cut Foundry pig iron offer on 30th Jul’19 by INR 600/MT (USD 9).
Meanwhile the offers for Low Silicon (1-1.5%) pig iron offers also dropped during last week and are currently reported at INR 26,000/MT (USD 363); ex-plant, Kharagpur, eastern India.
Participants believe that, following constant fall in steel prices amid curtailed production is forcing producer to drop offers.
In conversation with mills, SteelMint analysed that the foundries & EA or Induction furnaces in north-east regions have reduced production by 20-40% since the prices started to fall owing weak demand globally.
Hence pig iron consumption and demand being narrowed down since quite some which in turn fall in price range in Indian market.
A subsidiary of domestic steel giant Tata Steel, Tata Metaliks, has a manufacturing plant at Kharagpur, West Bengal, where pig iron and ductile iron pipes are produced.
Steel-grade Pig iron Offers
— Jindal Steel has reduced offers by INR 200/MT and reported at INR 23,500-23,800/MT ex-plant, Raigarh, Central India.
— Mescosteels has reduced offers by INR 200-300/MT to INR 22,800/MT ex-Jajpur, Odisha.
— Neo Metaliks in Durgapur has further slash offers by INR 200/MT to INR 24,300/MT ex-plant, however as per officials no major inquiries.
— Bokaro, Jharkhand based Electrosteels has reported few deals at near to INR 23,500/MT ex-plant.
— Steel grade offers through the stockiest learned at INR 23,800-23,900/MT FoR Raipur & INR 26,500-27,000/MT FoR Ludhiana, excluding 18% GST.
Leave a Reply