Neelachal Ispat Nigam Ltd, one of the largest Pig iron manufacturers in India, has raised its domestic Pig iron offers by INR 700/MT.
Current offers for N1 grade (Si content below 1.24%) Pig iron are assessed at INR 18,000/MT, ex-Cuttack, with discount of upto INR 400/MT on bulk purchases. While for N2 grade (Si content 1.25-2.25%) is available at INR 18,300/MT, ex-Cuttack (up by INR 800/MT).
The company had withdrawn the previous offers and issues the new domestic offers with a price hike of INR 700/MT looking towards recent upsurge in domestic as well as global steel prices. A speedy retreat in steel prices has made Indian buyers cautious. Looking at instability in steel prices in market, the company had increases its current domestic offers.
Also, MMTC’s export tender for 40,000 MT Pig iron with scheduled technical bids to open on 15 Mar’16 is in pipeline. The company had extended this tender on 02 Mar’16 on account of improved domestic demand. But, unlikely the company would not get better response or it may further extend the tender or cancel it as current global prices are at USD 190-195/FoB, much lesser than domestic offers.
Current Discount Table
|
N1 Grade Pig iron Prices |
||
|
Quantity |
Discount Offered |
Offers in INR/MT, ex-Cuttack |
| Upto 500 MT | No discount | 18,000 |
| 500 to 2,000 MT | 100 | 17,900 |
| 2,000 MT to 5,000 MT | 250 | 17,750 |
| 5,000 MT and above | 400 | 17,600 |
|
N2 Grade Pig iron Prices |
||
| Any quantity |
No discount |
18,300 |
Offers valid till 21 Mar’16
NINL Pig iron price scenario in Last 6 months
| Date | Price for N1 Grade (INR/MT) |
Maximum Discount Offered (INR/MT) |
| 09 Mar’16 | 18,000 | 400 |
| 01 Mar’16 | 17,300 | 400 |
| 17 Feb’16 | 17,300 | 400 |
| 09 Feb’16 | 17,000 | 400 |
| 01 Feb’16 | 16,300 | 400 |
| 22 Jan’16 | 16,800 | 400 |
| 12 Jan’16 | 16,100 | 400 |
| 30 Dec’16 | 15,700 | 400 |
| 23 Nov’15 | 15,200 | 400 |
| 05 Nov’15 | 15,900 | 700 |
| 29 Oct’15 | 16,400 | 300 |
| 12 Oct’15 | 16,800 | 300 |
| 05 Oct’15 | 17,400 | 300 |
| 21 Sep’15 | 17,800 | 300 |
| 08 Sep’15 | 17,000 | 300 |
| 25 Aug’15 | 16,400 | 300 |
Prices in INR/MT, ex-Cuttack
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