Neelachal Ispat Nigam Ltd (NINL)- India’s largest and state-owned steel grade pig iron manufacturer and exporter has further reduced its pig iron prices by INR 500/MT (USD 7/MT), after lowering its prices in Nov as well as in Dec 2018.
The latest offers by the company floated for Steel grade is at INR 27,400/MT (USD 391/MT), N2 grade is at INR 28,000/MT (USD 399/MT) and Foundry (High silicon) grade is at INR 28,500/MT (USD 406/MT); prices are basic, ex-Cuttack, East India.
Meanwhile, the company has rolled over the bulk purchase discount on steel grade pig iron of INR 100-400/MT.
As per market sources, the company has further reduced prices in line with limited domestic and export demand. Also as the production is quite high the manufacturers need to improve their sales to keep their offers attractive. Notably, the company’s export tender did not attract global buyers owing to competitive offers from CIS nations and Brazil.
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