India: Vizag Steel reduces Pig Iron price by INR 1,000/MT (USD 15.5)

Vizag Steel (RINL), India’s one of the largest merchant Pig iron manufacturers, has reduced offers by INR 1,000/MT for January deliveries.

RINL is currently offering Steel grade Pig iron at INR 21,300/MT (ex-Vizag) in domestic market. Company has undergone steep correction in prices to compete domestic offers. Pig iron offers at this junctures are in the range of INR 20,500-21,800/MT (ex-plants).

Recently another large Pig iron manufacturer, NINL has revised the Pig iron prices with correction of INR 500/MT to INR 20,700-20,900/MT (ex-Cuttack). The company is further facilitating discounts on bulk purchase and rebates on freight.

While on the other hand, failure of RINL’s previous Pig iron export tender (due date on 18 Dec,2014) is also considered as the reason for price correction, which had led to noticeable stock pressure.

Currently, there are two Pig iron export tenders in pipeline, the first is of NINL, offering 40,000 MT on 05 Jan, 2015 and second is RINL for 30,000 MT on 08 Jan, 2015.

Pig Iron Trade Logs

• Pig Iron prices at Raipur are assessed at INR 21,600-21,700/MT (ex-works)
• Raigarh based Pig Iron manufacturers are offering at INR 20,900-21,000/MT (ex-works)
• Rourkela based manufacturers are selling at 20,800-21,000/MT (ex-works)
• Durgapur prices correct marginally to 20,800-21,100/MT (F.o.R Durgapur)
• Hyderabad based Induction units are receiving offers at INR 23,300-23,400/MT delivered Hyderabad, including CST of 2%
• Vizag Steel cuts Pig Iron prices by INR 1,000/MT (USD 15.5) for January deliveries