Secondary Pig Iron Manufacturers Raise Offers in line with NINL Price Rise

Post price rise sharply by NINL, Indian secondary pig iron manufacturers in central & east India have also raised their offers by INR 500-1,000/MT (USD 7-15).

In conversation with Induction operators, SteelMint assessed, manufacturers prefer to look for alternative options of pig iron like CPC or anthracite coal and scrap which costs less by INR 2,000-3,000/MT against high cost pig iron.

Current offers in domestic market are at INR 17,500-23,500/MT (USD 260-350). Whereas during the 1st week of Aug’16, the offers were at INR 15,700-21,200/MT (USD 235-315); up by aruond INR 1,600-2,400/MT (USD 25-35).

**Correction

Updates

1. According to traders, Kajaria Iron Casting (KIC)** and Neo Metaliks in Durgapur have raised offers a couple of times by INR 500/MT in a week. Current offers are assessed at INR 19,500/MT FoR.

2. Atibir Industries offers up by INR 400/MT to INR 19,100/MT ex-plant, Giridih. According to the officials, west bengal based smleters willing to purchase material at INR 19,700-19,800/MT FoR.

3. NINL’s offers up by INR 1,300/MT (USD 20) to INR 17,700/MT ex-plant, Odisha.

4. Raipur based Jayaswal Neco Industries are heard to offering material at INR 19,500/MT on limited quantity. The plants’ last trade trade was at INR 18,500-18,700/MT.

5. Jindal Steels, which is mostly selling material in the local market, it’s offers are at INR 19,300/MT; up by INR 300/MT.

6. According to the sources, MMTC’s Pig Iron export tender of 30,000 MT received bid at USD 242-245/MT. Which is higher than the last export deal by west coast based manufacturer at the price of USD 235-240/MT FOB.

7. According to the billet manufacturers in Hyderabad, Vedanta Resources (Sesa Goa) material is available at INR 19,000-19,200/MT FoR (Including Freight & CST and excluding ED at 12 .5%).

Steel grade Pig iron prices as on 12 Sep’16

Basic grade pig iron prices
Source: SteelMint Research