Neelachal Ispat Nigam Limted (NINL) has opened fresh offers for both Steel & Foundry grade Pig iron with further price rise of INR 500/MT (USD 8). Prior to this the company had raised prices on 8th Dec’16 by INR 500/MT for both grades.
Current offers for Steel grade (N1) material at INR 21,500/MT (USD 315) & Foundry grade at INR 22,000/MT (USD 325) ex-Cuttack, Odisha (East India). The company is also offering discount on bulk purchase for Steel grade up to INR 400/MT & Foundry by INR 100-200/MT.
Traders reported that, the company has raised the prices as steel prices sharply gain which has increased the domestic selling too. Also, settling every export tenders has pushed manufacturers to further raise prices.
In the current month, the plant has floated 3 tenders, quantity of 60,000-70,000/MT and all tenders have been concluded at approximately of USD 280/MT FOB East Coast, India.
Similar for domestic market, traders in North & Central regions reported that in the last price circular they have booked nearly 5-10 rakes for steel grade material for which delivery is on pipeline.
For NINL Price circular click here
Secondary market
In current week, renowned manufacturers based in Raipur & Durgapur have also increased their prices by INR 500/MT. Offers increased in line with improved demand on rising steel prices in the domestic market. Also, production cut by large number of manufacturers have supported the pig iron market.
Leave a Reply