Amid limited suppliers, demand has strengthened for Indian pig iron. Industry experts believe, prices may gain momentum shortly.
Traders shared, that NINL, has got healthy bookings of around 30,000-40,000 MT as the validity of the price INR 21,500/MT expires today. And there are possibilities to increase prices by approximately INR 500-1,000/MT in the fresh price circular.
Thus, the rest of manufacturers in Central & East India are also in line to increase price further after the recent hike of INR 500-1,000/MT.
NINL, known as the key supplier as well price trend setter for Indian domestic market and it has significantly increase the prices since last 2-3 domestic price circulars by INR 500/MT. The company is also aggressively settling all export tenders. During the last month the plant have concluded around 1,00,000 MT of pig iron export deals at the price range of USD 275-292/MT FOB.
Trade Updates:
1. Raipur based Jayaswal Neco Industries offers till 5th Jan’17 was at INR 23,200-23,500/MT ex-plant. The plant is yet to declare fresh prices.
2. An official from Jindal Steel in Raigarh reported, sales closed at the current price of INR 23,500/MT ex-plant.
3. Neo Metaliks in the Durgapur have again increase prices by INR 500/MT to INR 23,500/MT. According to the traders, there is few seller in the open market and many of the manufacturers have halted operations for time being due to high input cost and low selling price.
4. Atibir Industries in Jharkhand reported moderate demand in recent price hike of INR 500/MT to INR 23,100/MT. The plant is used to sell material in Bihar and in the local market.
4. Ludhiana based traders reported demand is moderate. Current offers for Steel grade is at INR 28,000-28,500/MT & foundry at INR 31,000-31,500/MT FOR.
5. Buyers in Hyderabad reported hike in pig iron offers by Gerdau Steel & Vedanta Sterlite. Current offers by these manufacturers are at INR 23,000-23,500/MT FOR Hyderabad.
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