Vizag Steel also knows as RINL has increased steel grade pig iron prices by INR 500/MT that is from INR 21,900 to INR 22,400/MT (USD 330) ex-works, according to the officials.
Rising steel prices as well less supply in the material led to surge pig iron prices. The company is also providing discounts on bulk purchases by INR 200-500/MT.
Trade participants in the region mentioned, recently another manufacturer in the region namely Gerdau Steels has also increased pig iron prices by INR 1,000/MT to INR 22,500/MT FOR Hyderabad.
Vizag Steel has cancelled recent pig iron tender of 20,000 MT on higher price expectation.Company received bids at around 280-282/MT FOB.
On the other hand, MMTC, Indian state owned trading house, has concluded a pig iron tender of 30,000/MT at USD 291.5/MT FOB for early January shipment.
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