Following the price rise trend since a month, the prices of steel grade pig iron have again increase by INR 200-500/MT during Week 13.
The price surge reported in Raipur by INR 100-200/MT to INR 23,700-24,000/MT, Durgapur by INR 500/MT to INR 22,300-22,500/MT & FOR Hyderabad by INR 500/MT to INR 24,000/MT.
The sources are believe that there will be further price support in the pig iron industry looking at strong prices of raw material and substitute products like scrap & sponge. In addition, supply is average by the Indian producers and from the CIS countries as well, even demand picks up globally.
Notably, Indian pig iron exports rose sharply in 2017 (Jan-Mar) as it recorded at 178,050 MT in 2017 against 31,500 MT in 2016 during the same period. India exported 174,240 MT in 2016 (Jan-Dec). Recently, MMTC on behalf NINL has issued another export tender for 30,000 MT Pig iron for which bids will open on 29 Mar’17.
Pig Iron Prices as on 24 Mar’17 (Week – 13)
| Particular/Delivery | Taxes | Prices | W-o-W | M-o-M |
| Ex-Cuttack | ED 12.5%, VAT/CST Extra | 22,100 | 0 | + 700 |
| Ex-Durgapur | ED 12.5%, VAT/CST Extra | 22,300 | + 400 | + 1,050 |
| Ex-Giridih | ED 12.5%, VAT/CST Extra | 22,050 | 0 | + 1,550 |
| Ex-Hyderabad | Including all, VAT excluded | 24,000 | + 500 | + 1,000 |
| Ex-Ludhiana | Including all, VAT excluded | 28,000 | + 500 | + 1,500 |
| Ex-Raigarh | ED 12.5%, VAT/CST Extra | 23,800 | + 200 | + 1,500 |
| Ex-Raipur | ED 12.5%, VAT/CST Extra | 23,750 | + 150 | + 700 |
| Ex-Vizag | ED 12.5%, VAT/CST Extra | 22,500 | 0 | + 300 |
| FOB Brazil | Duty and taxes Extra | 360 | + 25 | + 55 |
| FOB India | Duty and taxes Extra | 316 | 0 | + 14 |
| FOB Russia | Duty and taxes Extra | 330 | + 20 | + 45 |
| CNF Italy | Duty and taxes extra | 350 | – | + 35 |
Basic reference prices for Steel grade material
Source: SteelMint Research
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