Neelanchal Ispat Nigam Ltd has reduced Pig iron offers by INR 400/MT (USD 6/MT) for May’16 deliveries.
Neelanchal Ispat Nigam Ltd, India’s largest Pig iron manufacturer, has reduced its offers 1st time in 2016, post continuous price hike. In the month of Apr’16, the company had sharply increased its offers by INR 1,600/MT as compared to offers in Mar’16.
Current offers for N1 grade (Si content below 1.24%) Pig iron are assessed at INR 19,200/MT (USD 290/MT) ex-Cuttack, discount applicable on purchase of bulk quantities by upto INR 300/MT (USD 5/MT).
In the last price circular, discount on bulk purchases was INR 200/MT, which now increased to INR 300/MT. The company’s last offers for N1 grade Pig iron were assessed at INR 19,600/MT (USD 295/MT).
Current discount on Pig iron
| Quantity | Discount Offered | Offers in INR/MT, ex-Cuttack |
| Upto 500 MT | No discount | 19,200 |
| 500 to 2,000 MT | 100 | 19,100 |
| 2,000 MT and above | 300 | 18,900 |
N1 Grade Pig Iron Prices, offers valid till 17 May’16
Note: Exchange rate:USD 1= INR 66.3
For more terms & specifications please click here
Secondary market highlights
1. Raipur based Jayaswal Neco Industries offered material at INR 21,100/MT, ex-plant.
2. Durgapur based manufacturers namely Neo Steel and Kajaria Steel offered material at INR 19,500/MT. However, an another manufacturer from the region, Jai Balaji Steel is heard to sell material at around INR 19,200-19,300/MT.
3. Jindal Steel based in Raigarh offered Pig iron at around INR 21,000/MT. While, MSP Steel sales remained close. Few deals were concluded in Apr’ 16 at around INR 20,300/MT.
4. Hyderabad based smelters reported that they are buying Pig iron from Sesa Goa and Satwana steel at around INR 21,200-21,500/MT (landed).
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