RINL might continue to hold domestic Pig iron sales for May

RINL (Vizag) has not been offering steel grade Pig iron in domestic market for the last one and a half months i.e. mid-March onward.

“We might continue to hold domestic Pig iron sales for another one month, on the reason that fulfillment of prior commitments regarding export orders is important.

On May 3, the export tender might fetch bids around $407/MT FOB”, said RINL officials.

In South, Pig iron plants are utilizing 60-70% of total capacity and are selling the material at prices standing below cost of production.

At Hyderabad, Pig iron (foundry) prices meet with a sharp correction of Rs 1,000/MT on absolutely weak buying interest.