Indian major pig iron producers might cut prices up to Rs 500-800/t  

NINL (Neelachal Ispat Nigam Ltd) and RINL (Rashtriya Ispat Nigam Ltd) to cut pig iron prices for August up to Rs 500-800/t for domestic steel mills.

Presently, NINL and RINL prices stand at Rs 25,000/MT (Basic Price).Prices are under pressure on falling steel prices in India and weak response for RINL tender of exports of pig iron last week, which fetched maximum bid of $408/t FOB Vizag Port (much lower than current domestic prices), reported sources.

In line with the above, other plants across the country might reduce offers by Rs 200-300/MT.