Neelachal Ispat Nigam Limited (NINL), the largest producer and exporter of Pig Iron based in Cuttack, Odisha has considered a reduction of Rs 500/MT in steel grade offers.
In domestic market, offers stand at Rs 23,500/MT (Basic) at present. In the start of November, the company decided to hold offers but looking at dull markets, offers have slipped in the mid of the month.
Exports are also on hold which has built up the selling pressure.
Other producers across the country might also cut steel grade Pig Iron prices in the week ahead in line with the major player.
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