Indian Pig iron manufacturers continue to offer material at increased price, which was raised during last trading week in Apr’15.
Pig iron manufacturers continue to hold offers due to improved buying. Current offers are assessed in the range of INR 18,500-20,500/MT ex- works. Manufacturers had raised the offers during the first few weeks of April because of rise in steel prices.
Manufacturers in Durgapur were heard to have sold Steel grade Pig iron at INR 19,300-19,500/MT i.e higher by INR 200/MT W-o-W. In addition, IISCO-SAIL (Burnpur) was heard to offer MOG grade Pig iron at INR 200/MT higher than its previous offer.
An induction furnace owner shared,“Fresh offers from IISCO have inched up this week to INR 18,400/MT ex-Burnpur, after experiencing decent booking for its material at previous levels.”
Lastly, IISCO had offered MOG Pig iron at INR 18,200/MT and IISCO grade Pig iron at INR 18,700/MT ex-plant.
Whereas loyal buyers of Tata Metaliks are still waiting for its fresh offers to announce. It had previously settled handsome quantity of Steel grade Pig iron at INR 19,000/MT ex-plant.
Meanwhile, manufacturers in Central India continue to hold offers at INR 19,800/MT (ex- Raigarh) and INR 20,300-20,500/MT (ex-Raipur).
Pig Iron Prices bottom out in Global Market
Pig iron prices seem to have bottomed out in the global market at USD 250-260/MT, FoB Black Sea and FoB India levels. But, market participants still doubt for marginal decline in prices from these levels in short-term; subjective to falling global Iron ore prices..
Trade Logs
1. Durgapur based manufacturers had offered Steel grade Pig iron at INR 19,300-19,500/MT
2. Monnet in Raigarh sold Steel grade at INR 19,800/MT (basic rate)
3. Steel grade offers to Ludhiana were INR 24,500/MT (delivered; including ED)
4. NINL & RINL continue to offer the material at INR 18,400/ MT & INR 19,300/MT ex-works respectively
5. Tata Metaliks offers for Foundry grade were assessed at INR 24,000/MT ex-works
6. MMTC is yet to finalize export tender of 30,000 MT Pig iron, while, bids received at around USD 255/MT, FoB India
7. An RINL export tender of 30,000MT is in pipeline, which is expected to close on 20 Apr’15.
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