Steel Authority of India Ltd(SAIL) has concluded pig iron auction of 4,800 MT steel grade pig iron from its Rourkela Steel plant (RSP), today.
According to trade sources, auction has been closed at a price of INR 30,500/MT on ex-plant basis. These prices are similar from the last auction of same grade which was concluded on 19th Apr 2018.
Pig iron prices in India have increased sharply in last few months of falling supplies from big plants like Neelachal ispat and Vedanta. Neelachal ispat is under capital maintenance for last 4-5 months and likely to resume commercial production in second week of May.
Vedanta’s pig iron production has been hampered post Supreme Court’s decision of shutting all iron ore mines in Goa, which has hit iron ore supply in that region.
Current prices for Steel grade Pig iron are hovering at INR 31,500-32,000/MT (ex- Durgapur), INR 31,400-31,600/mt (ex – Raipur) and INR 30,500-31,000/MT (ex- Cuttack).
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