India: NINL Hikes Pig Iron Offer by INR 750/MT ($ 11/MT)

Amid decent bookings in last offers and recent price hike by other private producers, NINL has raised prices.

Neelachal Ispat Nigam Ltd (NINL)- India's largest and state-owned steel grade pig iron manufacturer & exporter has increased its steel grade pig iron prices by INR 750/MT ($ 11) today after a constant fall of around INR 3,500/MT ($ 50) since the beginning of Sep'18.

The latest offers by the company floated for Steel grade is at INR 27,150/MT ($ 384) as against last offers of INR 26,400/MT ($ 373); prices are basic, ex-Cuttack, East India. The validity for the fresh domestic pig iron prices is till 22nd February.

Meanwhile, the company has kept bulk purchase discount unchanged at INR 100-400/MT. Market sources believe that decent bookings in last offers have influenced producers to keep prices on the higher side.

Meanwhile, it is being heard that a Western India based major producer has concluded its 25,000 MT pig iron export tender to Bangladesh at close to $ 355-360/MT on FoB India basis for Feb-end delivery.