Neelachal Ispat (NINL), India’s largest merchant steel grade pig iron manufacturer & exporter has spurt pig iron prices for both steel & foundry grade by INR 3,000/MT (USD 45) for Aug’17.
Prior to this the company had cut prices multiple times in June 2017 around INR 1,400-1,500/MT (USD 21-24).
The latest offers are reported for Steel (N1) grade at INR 23,000/MT (USD 353) & Foundry (N2) grade at INR 23,500/MT (USD 361); prices are basic, ex-Cuttack, East India. Bulk purchase discount remain unaltered on steel grade material at INR 100-400/MT.
“The company increase prices in line with higher offers by other private pig iron manufacturers in domestic market and strong export demand”, the sources close to NINL reported.
Notably, during July 2017 the prices by private pig iron manufacturers in Central & East India increases by INR 3,000-3,500/MT (USD 45-54).
For NINL price circular click here
In the month June, MMTC on behalf of NINL has successfully concluded its 2 export tenders of total quantity 60,000 MT after that in July 2017 another export tender of 30,000 being concluded at increased price by USD 10/MT to USD 313-314/MT FoB India, East Cost.
Further the company on 02 Aug 2017 (yesterday) floated an export tender of 30,000 MT pig iron which is going to expire on 16 Aug.
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