Amidst anticipation of hike prices by NINL in fresh price circular, the private pig iron producers in Eastern region – Odisha & Jhakrhand few have hold sales and few sharply increased prices by up to INR 1,000/MT (USD 14) in current week.
Also stockiest in Central India are taking advantage and releasing very limited quantities in line to fetch better margins with soon higher offers by NINL. Participants claimed that NINL bagged healthy orders from domestic buyers and also as local steel prices moved high, NINL is expected to follow suit.
NINL reported best monthly output for Pig iron in Jul’18 at 76,687 MT and the company’s offer are due since 25th Aug and last offers for steel grade pig iron was at INR 27,700-28,100/MT ex-Cuttack, Odisha.
Trade Log
— Central region, Raipur based suppliers quoted fresh offers for Steel grade Pig iron at around INR 30,800-31,000/MT, which was last week traded at around INR 30,300-30,500/MT, FoR & excluding GST.
— Atibir Industries in Jharkhand who’s monthly pig iron production is near about 50,000-60,000 MT has reported last deals at around INR 30,500/MT (ex-plant). However currently the company keep sale closed and indicated further rise in fresh offers.
— Similar comments were received from Electro Steels in Bokaro (Jharkhand) who has booked good quantities at around INR 30,000-30,200/MT and now the hold offers with indication of rally prices in days to come.
— Durgapur based Neo Metaliks reported fresh offers at around INR 31,000/MT however despite poor buying interest the company has maintain offers. The last deals reported at INR 30,700-30,800/MT ex-plant.
— Stockiest in North-India, Ludhiana have taken position as they further raised price with slight improved demand. The latest trades reported for Steel grade at INR 32,000/MT & Foundry pig iron at around INR 34,600-34,800/MT FoR & excluding GST.
— Officials from Jindal Steel mentioned closed sales as captive consumption high and also due to healthy bookings in the previous offers of Steel grade at INR 30,000/MT (ex-Raigarh) & Granulated Pig iron (panther shots) at INR 28,500/MT (ex-Odisha).
— Gerdau Steels in South India reported last deals for Steel grade at INR 29,500/MT FoR Hyderabad. As per officials, the fresh prices to be opened in next week which would be higher than last deals concluded.
Leave a Reply