Vizag Steel (RINL), one of the largest Pig iron manufacturer and exporter in India, has declared Pig iron prices for August deliveries; price cut of INR 800/MT (USD 12.5).
RINL in its monthly price-revision has reduced domestic offers for basic grade Pig iron by INR 800/MT. Currently, offers are in the range of INR 17,300-17,400/MT, ex-Vizag for August deliveries.
In July’15, RINL offered basic grade Pig iron at INR 18,700/MT, ex-works, which they had later offered (with a discount of INR 500/MT) at INR 18,200/MT, ex-works.
A price cut in Pig iron by RINL for August deliveries was more or less expected by the market participants, as the prices previously offered by the company were way higher than those offered by other manufacturers based in Telagana and Odisha. Secondly, the failure of last export tender held on 30 July’15 by RINL might have added to the pressure.
According to sources, RINL is also providing quantity discount upto INR 200-400/MT on its base-price i.e INR 17,300-17,400/MT.
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