TATA Metaliks Limited (TML) – known as the largest foundry grade pig iron manufacturer in eastern India has reduced foundry pig iron prices by INR 700/MT (USD 10) today.
The latest offers by Tata Metaliks for foundry pig iron is reported at INR 31,000/MT (USD 452) which was earlier trading at INR 31,700/MT (USD 462); ex-plant, Kharagpur, eastern India.
During last week (9th Jun’19), the company had also cut prices for low silicon(1-1.5%) pig iron by INR 500/MT to INR 28,500/MT (USD 416); ex-plant, Kharagpur, eastern India.
As per market participants, falling steel prices and pig iron offers through the private mills are forcing Tata to cut prices in line to fetch better response.
It should be noted that, local steel (Billet) prices in India fell by INR 2,000-3,000/MT (USD 29-44) & Pig iron by INR 1,500-2,000/MT (USD 22-29) in a month.
Tata Metaliks pig iron sales slightly fell by 2.5% to 283,454 MT in FY19 as against 290,902 MT in FY18. However on Q-o-Q the same had surged by 13% to 69,574 MT in Q4 FY19, than the 61,503 in Q3 FY19.
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.
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