Indian pig iron offers remain on the rise owing to strong demand and in line with increase in coking coal & scrap prices.
Global coking coal offers crossed USD 200/MT and are hovering in the range of USD 206-207/MT CNF India. Scrap offers in global market also surge about USD 5-10/MT, W-o-W.
SteelMint’s current week price assessment for domestic steel grade pig iron (Si upto 1.5%) are reported at INR 23,700-24,800/MT (USD 370-388) ex-works against last week prices around INR 22,800-24,500/MT (USD 355-382).
Trade Updates:
1. Current week offers in Central India – Raipur are reported at INR 24,500-25,000/MT against last week assessment at INR 24,300-24,500/MT; ex-plant & excluding GST at 18%.
2. Jindal Steel increases offer upto INR 500/MT; Granulated Pig iron reported at INR 23,500/MT & Pooled iron at INR 22,000/MT ex-plant, Angul (Odisha) and excluding GST at 18%. At present pig iron is not available with them, one of the official reported.
3. Durgapur based Neo Metaliks has increased offers by INR 500/MT and are offering Steel grade pig iron at INR 24,500/MT & Foundry grade at INR 26,800/MT excluding GST at 18%.
4. SAIL’s Durgapur Steel plant (DSP) heard offering steel grade material at INR 22,100-22,300/MT and IISCO (Burnpur unit) at INR 22,500-22,700/MT ex-plant.
5. Ludhiana based trade participants reported average demand at current offers; prices for Steel grade is around INR 27,000/MT and foundry grade around INR 29,800/MT; including local freight & excluding GST at 18%.
6. South India based private pig iron manufacturer, Gerdau Steel declared fresh offers for steel grade material at INR 25,000/MT (excluding GST at 18%).
7. SteelMint’s price assessment for export of Steel grade pig iron around USD 345/MT FoB India main port; surge by USD 7.5/MT, W-o-W.
8. MMTC’s export tender on behalf of NINL expired on 16th Aug 2017 and NINL’s domestic price expired on 11 Aug. The trade participants are expecting NINL to come up with the fresh prices next week.
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