Falling Billet & Scrap prices in Indian domestic market has forced Pig iron manufacturers to reduce offers by INR 300-400/MT this week. Prices have corrected over INR 1,000/MT in last one month.
Current offers are hovering in the range of INR 23,500-25,500/MT (USD 390-425/MT) on Ex-Works basis.
Pig iron is largely traded in Eastern region of India, with production ranging from 6-7 MnT on annual basis.
RINL reduces Offer by INR 400/MT for August Delivery
Rashtriya Ispat Nigam Ltd (RINL), India’s one of the largest and state owned merchant Pig iron manufacturer, has declined prices by INR 400/MT. Currently, offers are at INR 24,600/MT (USD 410/MT) Ex-Vizag basis. The company had earlier kept prices unchanged at INR 25,000/MT in the month of July, when others reduce their offers by INR 1,000/MT.
Private Manufacturers correct Offers by another INR 200-300/MT
Billet & Ingot manufacturers based in Raipur (Chhattisgarh) confirmed to purchase Steel grade at INR 25,500-25,800/MT from different sources, whereas manufacturers based in Raigarh have concluded few deals at INR 24,900-25,000/MT and anticipating offers to come down to INR 24,800/MT.
Some buyers also mentioned that they have offers from Usha Martin, Jamshedpur based manufacturer at INR 23,500/MT (Ex-Works).
Durgapur based broker confirmed, Pig iron to be trading in the range of INR 24,000-24,200/MT (basic).
Domestic Pig Iron Offers
|
Region |
Market |
Prices in INR/MT |
W-o-W |
M-o-M |
|
Eastern Region |
Durgapur |
24,000-24,200 |
-200 |
-1,200 |
|
|
Giridih |
23,300 |
-700 |
-2,200 |
|
|
Jharsuguda |
24,000 |
-500 |
-1,200 |
|
Central Region |
Raipur |
25,600-25,800 |
-200 |
-750 |
|
|
Raigarh |
24,800-25,000 |
-200 |
-900 |
Basic prices in INR/MT
Indian Pig Iron Export Bids up by USD 8/MT
Despite falling domestic prices, bids for export tender have recently moved up to USD 398/MT FoB Paradip port (up by USD 8/MT) from last export tender.
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