Steel grade Pig iron manufacturers across India have increased their offers in the beginning of the week owing to good demand.
Pig iron prices rise by Rs 200/MT in the state of Odisha, Chhattisgarh and West Bengal.
In the previous week (9 May), after NINL raised Pig iron prices by Rs 500/MT to Rs 23,000-23,500/MT, other manufacturers had increased offers by Rs 200-500/MT.
“Not only the 2.5% customs duty imposed on Scrap imports, which made it costly by about Rs 700/MT, has accounted for rise in demand for Pig iron, but a couple of other factors have also supported the price rise.
Buyers have accepted prevailing offers as we have received booking orders at new price levels”, remarked manufacturers.
Apart from this, buyers are giving preference to steel grade Pig iron due to expensive foundry grade material available with slightly higher silicon percentage.
Also, supply of steel grade material is low in the present day due to limited quantity available from the state owned Pig iron producers, who are either looking into fulfillment of export orders finalized or to meet with deals in future.
Prevailing Steel grade Pig iron prices (Rs/MT)
Cuttack: 22,500-23,500
Jharsuguda: 23,500
Rourkela: 23,700
Vizag: 22,500
Raipur: 25,200
Durgapur: 24,000-24,300
Giridih: 23,500
According to Pig iron producers, “Prices of steel grade material are expected to stand at current levels for this week and there are almost no chances of any downward trend”.
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