Indian Pig iron market is waiting for Neelachal Ispat’s further direction.
Neelachal Ispat Nigam Ltd (NINL), India’s largest and a state-owned merchant Pig iron manufacturer, is likely to revise prices on 12 Dec’14 to set further direction. NINL had earlier reduced its prices by INR 1,200/MT. Pig iron prices in major Indian markets have fallen marginally this week. Prices are observed in the range of INR 20,800-22,800/MT.
A Raipur based mill reported to purchase Pig iron at INR 22,800/MT (ex-Raipur). Whereas, Raigarh based manufacturers namely Jindal & Monnet are selling the material at INR 21,900-22,200/MT ex-plant. Prices in Durgapur remain in the range of INR 21,300-21,500/MT. Similarly, manufacturers in Giridih stick to their pricing of INR 21,500-21,700/MT ex-plant.
Pig iron in Odisha is being offered in the range of INR 21,000-21,500/MT. Manufacturers based in Jharsugda are offering at INR 21,000/MT; trades were even heard to be settled at INR 20,800/MT. Whereas, plants in Cuttack are offering Pig iron at INR 21,000-21,500/MT.
Steel Authority of India Ltd (SAIL) has recently offered 25,000 MT Pig iron from its Rourkela plant at INR 21,400/MT.
Pig Iron Export
MMTC’s export tender of 40,000 MT Pig iron is to open tomorrow (12 Dec, 2014) with price bids to be held on the same day at 16.30 hrs. MMTC had finalized its last export deal of 30,000 MT Pig iron with Prime Carbon GmbH at USD 330/MT FoB East Coast of India.
| Particulars | Delivery terms | Price | M-o-M Change |
| Pig Iron Domestic | ex-Cuttack | INR 21,300/MT | -1,200 |
| ex-Durgapur | INR 21,200-21,500/MT | -1,500 | |
| ex-Raipur | INR 22,600-22,800/MT | -1,200 | |
| Pig Iron Exports | FoB East Coast of India | USD 330/MT | -65 |
| FoB Black Sea, CIS | USD 345/MT | -30 | |
| FoB Ponta da Madeira, Brazil | USD 365/MT | -15 |
Source: SteelMint Research
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