Indian Steel grade Pig iron offers are hovering in the range of INR 23,000-25,300/MT.
Major Indian Pig iron market has witnessed price correction this week owing to dull buying sentiments. Falling demand and production cut by Induction furnaces have forced Pig iron manufacturers to reduce offers by INR 200/MT this week and by upto INR 900/MT M-o-M.
Recently, Neelachal Ispat Nigam Ltd (NINL), a state owned Pig iron manufacturer, has corrected prices by INR 200/MT. Currently, it is offering at INR 23,400-23,600/MT in addition to quantity discount of INR 500/MT on ex-plant basis.
Another big manufacturer based in Raigarh (Chhattisgarh) has declined their offers by INR 200/MT; offering at INR 24,600/MT. Raipur based manufacturers have claimed, they have offers at INR 25,300/MT (ex-Raipur).
Durgapur based furnaces are offering at INR 23,600-24,000/MT for Steel grade Pig iron (ex-plant).
In similar lines, induction furnaces based in Andhra Pradesh/Telangana region mentioned that imported Scrap is cheaper than domestic Pig iron prices and they expect RINL to reduce prices soon.
Despite scarcity of Iron ore in the domestic market, Pig iron prices have failed to find support. However, falling Met Coke prices in the global market have given some relief to manufacturers.
|
Particular |
City |
State |
Price |
W-o-W |
Remarks |
|
Pig iron-Domestic |
Jajpur |
Odisha |
23,000-23,600 |
-200 |
NINL reduced prices by INR 200/MT |
|
Girdih |
Jharkhand |
23,000-23,200 |
0 |
Atibir is offering at INR 23,200/MT |
|
|
Raigarh |
Chhattisgarh |
24,600 |
-200 |
Monnet offering at INR 24,600/MT |
|
|
Raipur |
Chhattisgarh |
25,300 |
-200 |
Trade value seen at INR 25,200/MT |
|
|
Durgapur |
West Bengal |
23,600-24,000 |
-200 |
Trade price at INR 23,600-23,700/MT |
|
|
Vizag |
Andhra Pradesh |
24,600 |
0 |
RINL offers unchanged |
|
|
Pig iron-Exports |
– |
Odisha |
398* |
+8* |
MMTC settled deal of 30,000 MT at USD 398.02/MT FoB Paradip port |
Prices in INR/MT
*USD price
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