Indian private pig iron manufacturers have reduced their offers by INR 500/MT, which is equivalent to USD 8/MT. Prices have been dropped in line with Neelachal Ispat Nigam Ltd (NINL) recent price cut of INR 500/MT. NINL is India’s largest and government owned merchant steel grade pig iron manufacturers, based in eastern region of India.
Current offers for steel grade pig iron carrying silicon content of 0.1-1.5% is at INR 20,500-20,900/MT (Ex-Mill, Cuttack), INR 20,800-21,000/MT (Ex-Mill,Durgapur) and INR 22,000-22,300/MT (Ex-Mill, Raipur).
Indian pig iron prices are under pressure on account of falling billet prices (corrected by INR 1,000/MT, this week) and lower exports orders with Indian mills.
“Steel smelters have cut down their pig iron purchases on falling billet prices. There is limited scope of further price fall from here” said a pig iron manufacturer based in east India, who produces around 30,000 MT per month.
Trade Wise Offers:
1. Raipur, Jayaswal Neco Industries offers heard at around INR 22,300-22,500/MT ex-plant. While, delivered offers from Odisha evaluated at INR 22,000-22,300/MT (Including CST).
2. In Durgapur, KIC (Kajaria Iron Company) & Neo Metaliks are offering steel grade material at INR 21,000/MT which was at INR 21,200-21,400/MT a week ago.
3. According to trade participants, in Western India, Vedanta Resources is offering Steel grade material at approx INR 21,000-21,500/MT & Foundry at INR 25,000-25,500/MT ex-plant.
4. In South region, Hyderabad, Gerdau Steel offers are heard at INR 22,500-22,700/MT FOR.
5. Trade participants reported, Electro Steels offers at INR 21,000/MT ex-plant, Jharkhand.
6. Indian last export tender of 30,000 MT concluded at around USD 310/MT FOB India east coast.
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