Indian pig iron prices by private producers remained firm in current week on steady demand. As per Industry experts, fresh price revision by NINL is awaited which will clear the fundamentals of Indian Pig iron Industry.
Neelachal Ispat (NINL), India’s largest producer of Steel grade pig iron, had reported best ever monthly production during Jun’18 at 74,960 MT of hot metal and 69,780 MT of pig iron. The company had reduced its prices on 5th July which was valid till 18th July’18.
As per market participants , NINL is likely to maintain its prices with minor changes in fresh circular over decent response from the domestic & global buyers. As per sources, about 40,000 MT pig iron have been sold by NINL in the last domestic offers of INR 27,500-27,900/MT (USD 398-405), ex-plant Odisha. Likewise it was noted that export tender has been concluded for 30,000 MT pig iron at near about USD 382-383/MT FoB.
SteelMint’s latest price assessment for Steel grade Pig iron stood at around INR 29,200-29,500/MT ex-Durgapur (West Bengal), INR 28,500-29,000/MT ex-Jharkhand, INR 29,000/MT ex-Raipur & INR 29,500-30,000/MT FoR Hyderabad. The prices are excluding 18% GST.
Trade Updates
1. Raipur – Central India based suppliers have offered Steel grade Pig iron at INR 29,000/MT FoR & excluding GST, similar against last week around INR 29,000-29,200/MT.
2. Jindal Steel (JSPL) has reduced offers for Panther shots (Granulated pig iron) and current trades at INR 27,500-28,000/MT ex-plant, Angul, Odisha. Pig iron offers rolled over by the company at INR 29,000-29,200/MT ex-plant, Raigarh.
3. Neo Metaliks in Durgapur – West Bengal has kept offers firm and reported steel grade at INR 29,500-29,600/MT & Foundry grade at INR 32,300-32,400/MT ex-plant & excluding GST.
4. Girdih based Atibir Industries have maintained offers at INR 28,500-29,000/MT for Steel grade, ex-plant & excluding GST.
5. North India based participants stated logistic issue from East India, hence slightly raise prices, steel grade at INR 31,700-31,900/MT and Foundry grade at INR 33,800-34,000/MT, FoR & excluding 18% GST.
6. SteelMint’s pig iron export price assessment is at around USD 380-385/MT FoB India, USD 380-385/MT FoB Brazil & USD 380-390/MT FoB Black Sea.
7. Coking coal offers fell on low trades, the latest offer for the Premium HCC has reported at around USD 194-195/MT as against last assessment at USD 212-213/MT CNF India.
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