Neelachal Ispat has decreased domestic offers for Pig iron by INR 500-600/MT with validity till 10 Feb’16.
Neelachal Ispat Nigam Ltd, one of the largest Pig iron manufacturers in India, has reduced offers for Pig iron by INR 500-600/MT. Current offers for N1 grade (Si content below 1.24%) Pig iron are assessed at INR 16,300/MT, ex-Cuttack (fell by INR 500/MT) with discount of upto INR 400/MT on purchase of bulk quantities. While, N2 grade (Si content 1.25-2.25%) Pig iron is available at INR 16,800/MT, ex-Cuttack (increased by INR 600/MT).
Discount Table
| N1 Grade Pig iron Prices | ||
| Quantity | Discount Offered | Offers in INR/MT, ex-Cuttack |
| Upto 500 MT | No discount | 16,300 |
| 500 to 2,000 MT | 100 | 16,200 |
| 2,000 MT to 5,000 MT | 200 | 16,100 |
| 5,000 MT to 10,000 MT | 300 | 16,000 |
| Above 10,000 MT | 400 | 15,900 |
| N2 Grade Pig iron Prices | ||
| Any quantity | No discount | 16,800 |
N1 grade quantity available for sale: 40,000 MT approx
N2 grade quantity available for sale: 3,000 MT approx
Offer valid till 10 Feb’16
Last week, MMTC (on behalf of NINL) had increased Pig iron offers by INR 700-900/MT owing to limited availability of Pig iron in domestic market. However, sharp fall in semi finish (ingot/billet) prices couldn’t let the Pig iron prices to sustain for a longer time. Indian billet prices have fallen by around INR 500-800/MT in a week’s time.
Looking at recent fall in market, the company has also invited bidders for sale of Pig iron through auction scheduled on 15 Feb’16. MMTC is offering 15,000 MT basic grade Pig iron from NINL plant Duburi, Odisha.
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