Neelachal Ispat Nigam Limted (NINL) has corrected Pig iron prices for both steel & foundry grade by INR 1400/MT (USD 20). Prior to this the company had kept prices unchanged in Jan’17.
Current offers for Steel grade (N1) material at INR 21,600/MT (USD 322) & Foundry grade at INR 22,100/MT (USD 330) 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 200/MT.
According to the market participants, the company has decreased prices due to decline in steel prices.
Other Pig iron manufacturers in the Indian market has reduced price marginally up to INR 600/MT. Owing to sparse demand and falling global scrap prices; buyers are either diverting their purchase to alternate availability in anticipation of further correction in domestic pig iron prices.
On W-o-W, Steel grade pig iron prices in Central & East India fell marginally by INR 100-600/MT.
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