Vizag Steel, India’s state owned and one of the largest merchant seller of Pig Iron has cut steel grade offers by INR 300/MT for June Deliveries. Current offers are at INR 18,700/MT (USD 295) on Ex-Plant basis. Road freight to Hyderabad is around INR 1,400/MT.
Prices have been cut on account of lower offers from private pig iron manufacturers, who are offering same grade at around INR 20,100-20,300/MT (delivered Hyderabad).
Vizag Steel had cut domestic prices by INR 200/MT in the month of May. Vizag steel’s recent pig iron export tender of 30,000 MT received bids at USD 255-260/MT FOB, which went unsold.
Trade Wise:
1. NINL keeps Pig iron prices unchanged till 12th June
2. Pig Iron prices in Raipur assessed at INR 19,000-19,100/MT
3. Pig Iron prices in Durgapur assessed at INR 17,300/MT
4. Tata Metaliks cut foundry grade pig iron prices by INR 1,000/MT. Current offers at INR 23,000/MT (Ex- Works)
5. Pig Iron prices in global market observed some correction. FOB Black sea assessed at USD 265/MT
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