India: NINL Cuts Pig Iron Price by INR 1500/MT (USD 22)
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Neelachal Ispat Nigam Ltd (NINL)- India's largest and state owned steel grade pig iron manufacturer & exporter has sharply reduced its pig iron prices for steel grade by INR 1,500/MT (USD 22), w.e.f. 5th Jul'19. Prior to this, the company had reduced prices in 12th Jun'19 by INR 500/MT (USD 7).
The latest offers for steel grade by NINL floated at INR 25,400/MT (USD 371) as against last offers at INR 26,900/MT (USD 382); prices are basic, ex-Cuttack, East India. Bulk purchase discounts remain unaltered in the range of INR 100-400/MT.
As per industry players, the company has cut prices due to significant fall in billet & pig iron prices through the private producers in last one month. This has forced producer to cut prices in order to attract smelters.
Additionally, It is to be noted that in July'19, the domestic billet prices moved down by INR 1,500-2,700/MT (USD 14-22) M-o-M & private mills reduced pig iron offers by INR 900-1,800/MT (USD 5-10) M-o-M.
The steel grade pig iron prices through the private producers based in Jharkhand reported at around INR 26,000-26,500/MT (USD 379-386) & in Durgapur at INR 26,300-26,500/MT (USD 383-387), ex-plant & excluding GST.
