India’s largest merchant pig iron supplier and exporter, Neelachal Ispat Nigam Ltd (NINL) has reduced it’s prices by INR 500/MT (USD 7) owing to low exports & weak domestic demand.
The Company is offering Steel grade pig iron (N1) at INR 20,900/MT (USD 325) & Foundry (N2) grade at INR 21,150/MT (USD 328); prices are basic, ex-Cuttack, East India.
For NINL price circular click here
MMTC on behalf of NINL has failed to concluded its export tenders due to low bid prices. In the last one month the company has re-scheduled its couple of export tender of 30,000 MT pig iron.
However, in recent export tender which expired on 02 Jun’17 the company has received highest bid above at USD 307/MT and it is yet to be awarded.
Indian pig iron exports are falling continuously due to depreciating rupee and falling global pig iron & scrap prices.
According to data maintained by SteelMint Statistics, Indian bulk pig iron exports fall by 76% in May’17 compared with Apr’17. Single shipment have been reported in May’17 of 25,000 MT against 108,000 MT in Apr’17.
Coming to total exports, in CY2017 pig iron exports are recorded at 326,550 MT till May 2017, against total exports of 174,240 MT in 2016.
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