Neelachal Ispat Nigal Limted (NINL) has declared fresh offers for Pig iron with price reduction of INR 600-1,000/MT (US$ 9-15).
Current offers for Steel grade (N1) material at INR 20,500/MT (US$ 305) & Foundry grade at INR 21,000/MT (US$ 310) ex-Cuttack, Odisha (East India).
Sources reported that, the company has reduced prices on weak demand due to demonetization of Indian currency.
Recent, the company has also floated an export tender for 30,000 MT steel grade Pig iron which will expire on 23 Nov’16.
For NINL price circular click here
Indian pig iron producers are reeling under pressure due to high input cost and weak demand. Thus, the large manufactures have started offering discounts and most of plants are under maintenance or has reduced production. Current offers for Pig iron by merchant suppliers are prevailing at INR 20,500-21,500/MT (US$ 305-320) ex-works.
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