- Indian domestic Pig iron prices fall by INR 300-500/MT
- Prices may find support at these levels owing to restricted supply of Iron ore
Indian Pig iron prices have fallen upto INR 300-500/MT owing to slow demand and lower realization in the export market. Current offers are prevailing in the range of INR 23,600-26,100/MT (USD 393-435/MT) on Ex-Works basis.
Recently, NINL (Neelachal Ispat Nigam Limited), India’s one of the largest and state owned manufacturer & exporter, has corrected its prices by INR 400-500/MT. NINL has also floated a tender for export of upto 60,000 MT of Pig iron from Paradip port, which will be closed on 28 Jul, 2014.
Last export tender of NINL fetched a handsome value upto USD 395/MT from MTPL, Singapore based trader. With falling Pig iron prices in CIS, it is expected that bids will go down in this tender.
Market participants mentioned that falling Billet & Scrap prices in domestic market has forced Pig iron manufacturers to cut their offers. However, restricted supply of Iron ore from Odisha should support prices at these levels.
India produced about 7 MnT of salable Pig iron in FY14, out of which 1 MnT was exported.
Steel Grade Pig Iron Prices
|
Region |
Place |
Price |
Change |
Remarks |
|
East |
Cuttack |
24,100 |
-400 |
NINL cut prices by INR 400-500/MT; additional discount of INR 500/MT |
|
Raigarh |
25,500 |
-300 |
Monnet offering at INR 25,500/MT Ex-Works |
|
|
Raipur |
26,300 |
0 |
Neco offering at INR 26,300/MT – Traders |
|
|
Durgapur |
25,000 |
0 |
No change in prices |
|
|
Vizag |
25,000 |
0 |
No change in prices |
|
|
West/South |
Mumbai |
26,500 |
0 |
No change in prices |
Ex-Plant price
Source: SteelMint Research
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