Tata Metaliks, India’s major foundry grade pig iron manufacturer has further raised prices for May 2018 deliveries by about INR 800/MT (USD 12). Prior to this during Apr 2018, the company had gain prices by INR 600/MT (USD 9).
As per officials, the current prices at INR 33,800/MT (USD 506) for high silicon, foundry grade pig iron which was during Apr 2018 at INR 33,000/MT (USD 494); excluding 18% GST & ex-plant, Kharagpur, East India.
The current price rally by the Tata Metaliks could be attribute sharp surge in domestic steel prices and short domestic supply of Pig iron for both Steel & foundry grades material.
TATA officials also stated that “good inquiries on increased prices and deals are taking place”.
Tata Metaliks’ annual pig iron production capacity is about 300,000 MT and the company largely sells material to North India – Punjab & Ludhiana which is known for foundry Industries.
Prices Spurt in East & North India
Amid supply issue and with triggered prices by Tata, the pig iron prices in North & East India also increased about INR 500-1,000/MT (USD 7.5-15) in current week.
SteelMint’s latest price assessment stood for foundry grade pig iron at INR 35,000/MT FoR Ludhiana, North India & INR 34,000/MT ex-Durgapur, East India. Further, the Steel grade offers evaluated at INR 32,500/MT FoR Ludhiana & INR 32,500-33,000/MT ex-Durgapur. All prices are excluding 18% GST.
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