Indian domestic pig iron market reported price rise during Mar’17. Average prices in Mar’2017 have increased upto INR 800/MT (USD 13) against Feb 2017 and upto INR 5,000 (USD 75 ) against Mar 2016. Prices have increased on account of high exports and rising domestic billet prices.
Highlights
1. Indian pig iron exports recorded at 1,20,000 MT in March 2017, which was recorded 33,700 MT in Feb 2017 and nil exports in March 2016.
2. NINL (Neelachal Ispat Nigam Ltd), India’s largest merchant pig iron manufacturer, had raised prices by INR 500/MT ($ 8) in March 2017.
3. During the month, MMTC on behalf of NINL, had concluded export deals of about 60,000 MT pig iron at USD 313-316/MT FOB India east coast.
4. Vizag Steel (RINL), another large pig iron manufacturer had concluded an export deal of 25,000 MT at around USD 310/MT FOB.
5. Tata steel’s ferro shot, which is quite popular with small induction furnaces, also increased by INR 500-800/MT during the month.
Monthly Average Steel grade Prices
| Particular | Mar’17 | Feb’17 | Mar’16 |
| Raipur | 23,650 | 23,400 | 19,700 |
| Durgapur | 22,100 | 21,350 | 18,550 |
| Cuttack | 22,100 | 21,950 | 17,700 |
| Hyderabad | 23,750 | 23,200 | 18,000 |
Basic ex-works prices
Source: SteelMint Research
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