Neelanchal Ispat Nigam Ltd, India’s largest Pig iron manufacturer, has raised its domestic Pig iron offers 2nd time in the current month by INR 600/MT (USD 10/MT) for the rest of Apr’16 deliveries.
Current offers for N1 grade (Si content below 1.24%) Pig iron are assessed at INR 19,600/MT (USD 295/MT) ex-Cuttack, with a discount of upto INR 200/MT (USD 4/MT) on bulk purchases. In the last price circular, discount on bulk purchases was INR 400/MT, which now has reduced to INR 200/MT. The company’s last offers for N1 grade Pig iron were INR 19,000/MT (USD 287/MT).
According to sources, prices have moved up due to short supply and continuous price rally in the global market. Also, increased captive consumption further has supported Pig iron offers in the 2nd time of the current month.
Current discount on Pig iron
| N1 Grade Pig iron Prices | ||
| Quantity | Discount Offered | Offers in INR/MT, ex-Cuttack |
| Upto 500 MT | No discount | 19,600 |
| 500 to 2,000 MT | 100 | 19,500 |
| 2,000 MT and above | 200 | 19,400 |
Offers valid till 29 Apr’16
Note: Exchange rate:USD 1= INR 66.5
Yesterday’s Pig iron trade highlights (as on 21 Apr’16)
1. A prime grade Pig iron maker in Raipur, Jayaswal Neco Industries had offered material at INR 20,200/MT, ex-plant.
2. Durgapur based sources reported dull buying at INR 18,600-18,800/MT by manufacturers like Neo Steel, Jai Balaji and Kajaria Steel. However, few rakes (around 3 rakes) were booked for north India, especially Ludhiana at around INR 17,900-18,000/MT by IISCO Steel.
3. Raigarh based Jindal Steel and MSP Steel were heard to sell material at around INR 20,200/MT ex-plant.
4. There is shortage of Pig iron in north India due to disturbed transportation.
Leave a Reply