Neelachal Ispat Nigam Ltd (NINL)- India’s largest and state owned steel grade pig iron manufacturer & exporter has again reduced its pig iron prices for steel & foundry (high silicon) grade by INR 400/MT (USD 6), w.e.f. 28th Nov’18. Prior to this, the company had cut prices during Oct’18 end by INR 1,300/MT (USD 19) for Steel grade.
The latest offers by the company floated for Steel grade at INR 28,500/MT (USD 404), N2 grade at INR 29,000/MT (USD 411) & Foundry (High silicon) grade at INR 29,500/MT (USD 418); prices are basic, ex-Cuttack, East India.
The company is being offering bulk purchase discount on steel grade pig iron by INR 100-400/MT.
In recent news, SteelMint has indicated that domestic pig iron prices are under pressure over slump in steel prices and mentioned that NINL to further cut prices, which has observed today.
Significant fall in steel prices has narrowed down price gap between Ingot/Billet & Pig iron leads to poor off take in pig iron. The current price gap between Billet & Pig iron in major consuming markets is not more than INR 2,000/MT (USD 28), which should be not less than INR 3,000/MT (USD 42), as per furnace owners.
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