The private Pig iron producers in East India – West Bengal & Jharkhand have maintained offers. Meanwhile in Central & Southern regions the Pig iron prices declined by INR 200-500/MT (USD 3-7.5) after the price reduction by NINL – India’s largest Steel grade pig iron producer by about INR 600/MT (USD 9).
As per SteelMint assessment the latest offers for Steel grade Pig iron is hovering at INR 29,200-29,600/MT ex-Durgapur at West Bengal, INR 29,000-29,500/MT ex-Jharkhand, INR 29,000-29,200/MT ex-Raipur & INR 29,500-30,000/MT FoR Hyderabad.
Sources in East India stated “the private manufacturers hold offers in line with low inventories as captive consumption high amid low output since quite some time. Also, logistic issue from NINL, is a key factor behind steady prices”.
Stockiest based in Central – Raipur & North India – Ludhiana being mentioned, the logistic issue from NINL as the booked material in last price circular are yet to be dispatched. Following which, they have not booked good quantities at the current offer prices by NINL.
Trade Log
1. Raipur – Central India based suppliers have offered Steel grade Pig iron at around INR 29,000-29,200/MT FoR & excluding GST.
2. Jindal Steel has reduced prices for Steel grade Pig iron and latest price quoted at INR 29,000-29,200/MT ex-plant, Raigarh, Central India. As per Ingot/Billet manufacturers in Raigarh, similar cost being if source material from Odisha, which offers about INR 29,000-29,100/MT FoR & excluding GST.
3. Neo Metaliks in Durgapur – West Bengal has reported technical issue in plant, hence production halts for couple of days. Latest prices for Steel grade Pig iron reported at INR 29,500-29,600/MT ex-plant & excluding GST.
4. Girdih based Atibir Industries have kept offers firm despite limited inquiries and the fresh prices for Steel grade assessed at INR 29,500/MT ex-plant & excluding GST.
5. SAIL’s West Bengal based plants namely – Indian Iron & Steel Company (IISCO) & Durgapur Steel Plant (DSP) heard to have raised prices to INR 28,700/MT from earlier deals at around INR 28,500/MT ex-plant & excluding GST. As per market sources, at last offer of INR 28,500/MT, SAIL booked near to 4 rakes of Pig iron by local & outside state based buyers.
6. South India based manufacturer – Gerdau Steel slightly cut prices to INR 30,000/MT as against last deals at INR 30,500/MT (Steel grade) FoR Hyderabad & excluding GST at 18%.
7. As per participants Neelachal Ispat (NINL) likely to further cut domestic Pig iron prices as stock good with two fold production and limited bookings at latest price circular which is going on 18th Jul’18.
8. North India based traders reported short supply of Pig iron due to limited availability of rakes from East & West India and the prices reported for steel grade at INR 31,100-31,300/MT and Foundry grade at INR 33,200-33,400/MT FoR & excluding 18% GST.
9. Foundry grade Pig iron offers by Tata Metaliks (Kharagpur, West Bengal) assessed at INR 33,000/MT ex-plant & excluding GST.
10. SteelMint’s price assessment for export of pig iron is around USD 385-390/MT FoB India, USD 380-385/MT FoB Brazil, USD 385-390/MT FoB Black Sea and to SE Asian nations the offer would come around USD 400-410/MT, CFR.
11. Coking coal offers slightly up amid thin trades. The last offer for the Premium HCC has reported at around USD 212-213/MT CNF India, increase about USD 2/MT.
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