Indian Pig Iron Market Reports Thin Trades

Pig iron prices witnessed marginal corrections after private producers failed to draw buying interest.

SteelMint’s price assessment for Steel grade Pig iron in current week stood – at INR 28,100-28,300/MT ex-Raipur, INR 27,500-27,800/MT ex-Raigarh, INR 26,000-26,300/MT ex-Durgapur/Bokaro, INR 26,600-27,200/MT ex-plant, Odisha and INR 28,200-28,600/MT FoR Ludhiana. At these offers producers failed to get any major bookings thus leading to a gradual fall in prices.

On the future outlook , SteelMint had forecast in the beginning of Feb 2018 that domestic pig iron prices are likely to decline keeping in view market position along with demand-supply dynamics.

Export price assessment also dropped by about USD 15/MT in last week and stand at around USD 370/MT, FoB India against SteelMint’s previous assessment which was around USD 380-385/MT, FoB India.

Trade Log

1. Jindal Steel offers Steel grade Pig iron at INR 27,500/MT (ex-Raigarh) granulated Pig iron (panther shots) at INR 27,000/MT and Pooled iron at INR 26,000/MT, ex-Angul, Odisha.

2. Neelachal Ispat opened domestic offer INR 500/MT (USD 8) lower than earlier. These offers are at INR 27,500/MT for Steel (N1) grade and INR 28,000/MT for foundry (N2) grade material, ex-Cuttack, Odisha.

3. Tata Metaliks has offered foundry grade pig iron at INR 30,800/MT, ex-Kharagpur, East India.

4. Bokaro based Electro Steel which produces 25,000 tonnes of steel grade material, has offered INR 26,200-26,300/MT ex-plant.

5. Raipur – Central India based suppliers are offering steel grade pig iron in the range of INR 28,000-28,500/MT FoR.

6. Durgapur based Neo Metalics has concluded small deals for steel grade Pig iron at around INR 26,300-26,400/MT ex-plant.

7. SAIL’s IISCO yet to open fresh offers for Feb 2018 deliveries. During last month (Jan) couple of rakes of steel grade material was sold at around INR 26,800-27,000/MT.

8. Bhushan Power & Steel is offering Pig iron steel grade at INR 27,000-27,200/MT ex-Jharsugda, Odisha.

9. Global coking coal prices increase this week on re-stocking by Chinese steel mills due to lunar festive holidays. In a week’s time, the offers rise by USD 10/MT to USD 227-228/MT FoB Australia for Premium HCC.