After keeping domestic sales on hold market participants believe India’s largest pig iron producer – Neelachal Ispat Nigam Ltd (NINL), to raise its offers.
They believe that the company may hike prices in same proportion in line with surge in prices through the private producers & stockiest in the range of INR 1,000-1,500/MT (USD 15-23) W-o-W in central, east & northern India.
NINL in the last domestic pig iron circular on 5th Feb’19 had reduced its prices by INR 500/MT for all grades and offered Steel grade material at INR 26,000-26,400/MT ex-plant, Cuttack, eastern India. As per sources, due to overwhelming response through the stockiest, the producer has hold it sales. Hence, the fresh prices are expected to be float higher.
— The private producers in Durgapur are currently offering steel grade pig iron at INR 28,500-28,700/MT as against deals during last week at near about INR 27,300-27,500/MT ex-plant.
— Following assumptions of surge in prices, the major stockiest in northern India- Ludhiana has raised offers to INR 31,000-31,500/MT (steel grade) than the last week offers at close to INR 29,500-30,000/MT, FoR.
— Further on expected supply crunch and hike in prices near term, the Central India- Raipur based suppliers have raised offers to INR 28,000-28,200/MT than the deals towards the end of last week at INR 27,300-27,500/MT FoR.
— Meanwhile, the major merchant suppliers in Jharkhand didn’t offering material in open market with an hope for further surge in prices. The last deals through the producers reported at near about INR 26,500-27,000/MT ex-plant. Fresh offers are likely to be quote at INR 27,500-28,000/MT ex-plant, SteelMint observed with the producers.
— Jindal Steel has raised offers and reported Pig iron (steel grade) at INR 28,500/MT ex-Raigarh. Meanwhile Granulated Pig iron (Panther shots) is available at INR 27,100/MT & Pooled iron at INR 26,600/MT ex-Angul, Odisha.
— SteelMint’s assessment for Indian pig iron export rise by USD 15/MT to USD 355-360/MT, FoB on fresh buying from Bangladesh based buyer.
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