India: SAIL Increases Pig Iron Offer by INR 500/MT (USD 7) for Dec'19

Steel Authority of India Ltd (SAIL) has further raised pig iron (steel grade) offers by INR 500/MT (USD 7) from its Bhilai Steel Plant (BSP).

Prior to this, the company had raised offers on 6th Nov'19 by INR 500/MT (USD 7).

The latest offer floated for pig iron stands at INR 24,500/MT (USD 342), as against INR 24,000/MT (USD 335) in Nov'19; EXW-Bhilai, central India. The current offers also attract trade discount of INR 200-400/MT on bulk purchase, as per market sources.

As per sources, prices have increased on account of less availability of pig iron in domestic market due to absence of supplies from NINL. Also as per sources, BSP received decent bookings of pig iron in last month which also supported hike.

The current offers through the traders in Raipur assessed at INR 24,100-24,300/MT on FoR basis, excluding GST.

Meanwhile, steel grade offers through the private mills reported at INR 23,500-23,700/MT ex-Jajpur(Odisha), INR 23,300-23,400/MT ex-Jharkhand, INR 23,600-24,000/MT ex-Durgapur & INR 26,000-26,500/MT FoR Ludhiana.