Rashtriya Ispat Nigam Limited (RINL), the state controlled Basic grade Pig iron manufacturer has extended its 30,000 tons open tender date by 10 days i.e. the 12th of August.
Updated: There was no buyer interested to participate in the open tender.
When inquired from RINL , SteelMint found that lack of trades in domestic Pig iron market and difficulties in getting rid of the inventory which are in big quantities has resulted in the company's decision to extend the date.
The Vizag based Pig iron manufacturer is hopeful to receive better offers in the mid of August over improvement in demand from the manufacturers.
RINL has rolled over Basic grade Pig iron prices at Rs 22,500/MT (ex works Vizag) for the month of August.
Domestic buyers are interested to place booking orders for 2 rakes (8,000 tons) and above which are offered at a discount of Rs 500/MT.
Offers have been untouched in line with NINL keeping its prices at same level and also as any hike in prices will not be accepted by the Pig iron users.
RINL has set a sales target of 60,000 tons i.e. 30,000 each for domestic and export deal in the current month.
For more details, contact
Seema Goenka
(seema@steelmint.com)
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