India: SAIL Reduced Pig iron Offers from Bhilai Steel Plant

State owned - Steel Authority of India Limited (SAIL) has reduced Pig iron offers by INR 500/MT (USD 7) from its Bhilai Steel Plant (BSP) based in Central India.

The offers of the steel large mills like BSP is not much attractive as suppliers/private producers offer being fall near about INR 500/MT post recent price reduction by Neelachal Ispat (NINL) on 28th Nov'18 by INR 400/MT.

The latest offers through BSP for Steel (basic) grade pig iron reported at INR 29,500/MT (USD 418) as against last month (Nov'18) at INR 30,000/MT (USD 425), ex-plant & excluding GST. The producer is being offering bulk purchase discount of INR 400/MT on above of 500 MT purchase. Thus the landed cost to Raipur based inductions would be close to INR 29,500-29,900/MT FoR Raipur.

Although similar offers being hovering through the supplier/private producers at around INR 29,700-29,800/MT FoR Raipur & excluding GST.

SAIL is India's largest steel producer in terms of capacity with an annual installed capacity of about 21 MnT followed by JSW Steel at 18 MnT, as on financial year 2017-2018.