Neelachal Ispat Nigam Ltd has extended its Pig iron price circular today till 30 Jun’16. The company had floated its price circular on 2 Jun’16 and reduced steel grade offers by INR 900/MT to INR 17,900/MT (USD 270/MT) ex-plant, Cuttack.
As per sources, the plant has extended due date owing to subdued demand by Indian secondary manufacturers and weak global & domestic market sentiments. The plant has also floated a fresh export tender for 10,000-15,000 MT Pig iron.
Post price cut by NINL, offers in secondary market also fell by upto INR 2,000/MT as NINL is one of the price trend decider in the Indian secondary Pig iron market.
Current offers for basic grade Pig iron in domestic market are prevailing at INR 17,200-22,500/MT (USD 255-335/MT) ex-works.
Steel grade Pig iron offers as on 20 Jun’16
| Particular | Currency | Prices | W-o-W | M-o-M | Q-o-Q |
| Ex-Cuttack | INR/MT | 17,800 | 0 | -1,000 | – |
| Ex-Cuttack(NINL) | INR/MT | 17,900 | 0 | -900 | -100 |
| Ex-Durgapur | INR/MT | 17,300 | -50 | -850 | -1,300 |
| Ex-Giridih | INR/MT | 17,600 | 0 | -650 | – |
| Ex-Hyderabad | INR/MT | 19,000 | -250 | -2,050 | +1,000 |
| Ex-Ludhiana | INR/MT | 22,500 | -100 | -1,450 | -500 |
| Ex-Raigarh | INR/MT | 19,000 | 0 | -1,250 | -700 |
| Ex-Raipur | INR/MT | 19,050 | -50 | -1,600 | -1,200 |
| Ex-Rourkela | INR/MT | 17,250 | -250 | -1,700 | – |
| Ex-Vizag | INR/MT | 19,500 | 0 | – | +2,700 |
| FOB Brazil | USD/MT | 245 | -13 | -30 | +35 |
| FOB India | USD/MT | 230 | -13 | -45 | +30 |
| FOB Russia | USD/MT | 235 | -13 | -48 | 0 |
Basic prices
Source: SteelMint Research
Leave a Reply