Nilanchal
Ispat Nigam Limited (NINL), country's largest producer and exporter of Pig
Iron, is price setter in the Industry.
Pig
Iron offers in Indian domestic markets fell, eyeing NINL that has lowered its
Steel Grade offers by Rs 300/MT to Rs 25,400/MT, on account of weak demand for exports. Its previous offers were quoted at Rs 25,700/MT (Basic price).
Export
offers are not attractive because of which some have either cancelled or have
held exports for the time being and prices in Indian market are on the lower
side.
NINL
quoted its export price at $475 FOB to South East Asian countries, ($505/t
delivered to Taiwan and South Korea) as offers from Ukraine and Russia is at
$470/t C&F.
Recently,
MMTC which owns shares in Nilanchal Ispat (Cuttack) has postponed the recent
tender of Pig Iron due to lower participation from exporters.
With
low demand in domestic steel market, other private players have also reduced
their offers by Rs 200-300/MT despite scarcity of raw material.
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