Monnet Ispat has reduced Pig iron offers by INR 200/MT.
Pig iron prices in Indian market continues to lose strength. Manufacturers have corrected offers by upto INR 500/MT this week, hitting almost 1-year low. Trade participants mentioned that despite tight supply of Iron ore, Pig iron manufacturers are bound to reduce their offers on the backdrop of low demand.
In Central India, Monnet Ispat is offering Steel grade Pig iron at around INR 24,200/MT (ex-Raigarh); down by INR 200/MT W-o-W, thereby defining sluggish demand even at these levels.
Recently, India’s one of the largest and state owned Pig iron manufacturer, NINL has corrected prices by INR 500/MT. Current offers are at INR 22,900-23,100/MT ex-Cuttack (Odisha). Another manufacturer in the same region is offering Steel grade Pig iron at INR 23,000/MT.
Prices in Durgapur are at around INR 23,500-23,700/MT ex-works. Whereas in Bokaro & Giridih, Pig iron is offered at INR 22,500/MT and INR 22,500-23,000/MT (ex-plant) respectively.
Pig Iron Prices & Trade Sentiments
|
Particular |
City |
State |
Price |
W-o-W Change |
Remarks |
|
Pig iron-Domestic |
Jajpur |
Odisha |
22900-23,100 |
-500 |
NINL withdraws quantity discounts |
|
Girdih |
Jharkhand |
22,500-23,000 |
-400 |
Manufacturers offering at INR 22,500-23,000/MT |
|
|
Bokaro |
Jharkhand |
22,500 |
-1,000 |
Electrosteel offers to central & western India at INR 22,500/MT |
|
|
Raigarh |
Chhattisgarh |
24,200 |
-200 |
Monnet offering at INR 24,200/MT |
|
|
Durgapur |
West Bengal |
23,500-23,800 |
-200 |
Trade price at INR 23,500-23,600/MT |
|
|
Vizag |
Andhra Pradesh |
24,600 |
0 |
RINL offers unchanged |
|
|
Pig iron-Exports |
– |
Odisha |
398* |
+8* |
MMTC settled deal of 30,000 MT at USD 398.02/MT FoB Paradip port |
Basic price in INR/MT
*USD/MT
Indian Pig Iron Export
There are two export tenders in pipeline, the first one is of 40,000 MT, which will be offered tomorrow (27 Aug, 2014) by MMTC. While the other of 30,000 MT will be offered by RINL on 28 Aug, 2014. Last Pig iron tender was settled at USD 398.02/MT FoB East Coast.
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