Public sector steel maker Neelachal Ispat Nigam Ltd (NINL), which was out of operations for last two weeks is eyeing to resume its pig iron production, SteelMint learned from market participants. The plant had gone for a shutdown of its blast furnace at its Duburi plant in Odisha’s Kalinganagar industrial complex owing to financial issues.
Neelachal is India’s largest merchant steel grade pig iron producer with an annual volume of around 700,000 MT.
According to sources, company is accumulating raw material and has managed to source around 30,000 MT iron ore. Sources mention that company may start production in next 15 days.
Neelachal Ispat has recently resumed domestic sales of pig iron (accumulated stock) to generate cash. Company has set a floor price of INR 22,500/MT ex-Cuttack for steel grade pig iron.
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