Pig iron manufacturers in the Indian domestic market reduce price marginally up to INR 600/MT. Owing to sparse demand and falling global scrap prices; buyers are either diverting their purchase to alternate availability in anticipation of further correction in domestic pig iron prices.
On W-o-W, Steel grade pig iron prices in Central & East India fell marginally by INR 100-600/MT.
Currently, steel grade prices in the domestic market are evaluated at INR 21,500-24,000/MT (USD 315-352) ex-works, which was in the range of INR 22,000-24,100/MT (USD 323-353) on 30 Jan’17 (beginning of previous week).
Global coking coal prices are in downward trend continue over increase supply. The latest offers for Premium HCC Australian coal are assessed at USD 181/MT CFR India which was at USD 184-185/MT in the last week of Jan’17.
Trade Updates
1. Trade participants in Raipur reported Jayaswal Neco Industries price are at INR 24,200-24,300/MT ex-plant. Whereas traders offer are at INR 24,000-24,100/MT on verge of payment and delivery condition.
2. Jindal Steel’s in Raigarh cut prices by INR 200/MT to INR 23,800/MT ex-plant.
3. Durgapur based manufacturers namely KIC (Kajaria Iron company) and Neo Metaliks have lower their trade prices to INR 21,300-21,500/MT from earlier at INR 21,800-22,000/MT for steel grade material. Kajaria Iron also reduced foundry grade prices by INR 200/MT to INR 24,800/MT.
4. Tata Metaliks has cut foundry grade prices by INR 500/MT to INR 26,000/MT ex-plant, Kharagpur (West Bengal).
5. Atibir Industries in Giridih, Jharkhand has reduced prices by INR 500/MT to INR 21,600/MT ex-plant. Officials from the company reported, moderate trades post lower prices.
6. Tata Steel may soon revise prices for Ferroshots & pooled iron as well. It seems that fresh prices may be declared in the couple of days. The company recently also concluded an export deal for ferroshots to Europe.
7. Vizag Steel Cancels Pig Iron export tender for 20,000 MT, the tender was received highest bid at USD 298/MT FoB Vizag Port. Market participants believe that sudden drop in global scrap and billet prices has led bidders to back out from this tender. Most likely both the cargos were supposed to go to Bangladesh.
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