Neelachal Ispat Nigam Ltd, one of the largest pig iron manufacturers in India, has sharply reduced domestic offers for Pig iron by INR 400-600/MT.
Currently, offers for N1 grade (Si content below 1.24%) pig iron are assessed at INR 16,400/MT, ex-Cuttack (down by INR 400/MT). While N2 grade (Si content 1.25-2.25%) pig iron are offered at INR 16,700/MT (down by INR 600/MT17,300) ex-Cuttack. The company has also allowed discount of upto INR 300/MT on purchase of bulk quantity.
Discount Table
| Quantity | N1 grade Pig iron | N2 grade Pig iron | ||
| Discount Offered | Offers in INR/MT, ex-Cuttack | Discount Offered | Offers in INR/MT, ex-Cuttack | |
| Up to 499 MT | No discount | 16,400 | No discount | 16,700 |
| 500 to 999 MT | 100 | 16,300 | No discount | 16,700 |
| 1,000 MT to 1,999 MT | 200 | 16,200 | No discount | 16,700 |
| 2,000 MT & above | 300 | 16,100 | No discount | 16,700 |
N1 grade quantity available for sale: 25,000 MT approx
N2 grade quantity available for sale: 5,000 MT approx.
Valid till 16 Nov’15
MMTC has revised the offers for third time this Oct’15. Last time it had reduced prices by around INR 600/MT. It previously offered N1 grade at INR 16,800/MT and N2 grade at INR 17,300/MT, ex-works.
Failure in export tender builds pressure
MMTC fails again to attract bidders in the export tender for pig iron held on 26 Oct’15. Continuous failure in export tender since last 4 months along with lull domestic demand and ongoing fall in steel prices has built pressure on manufacturers of pig iron.
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