India: TATA Metaliks' Pig Iron Offers remain Unchanged for Sept'19

TATA Metaliks Limited (TML) - largest Foundry grade pig iron manufacturer in eastern India has kept its pig iron offers unaltered for September deliveries, officials confirmed SteelMint. Earlier the company had cut foundry grade offers by INR 800/MT (USD 11) on 21st Aug'19.

The latest offer by TATA Metaliks for Foundry pig iron is reported at INR 29,600/MT (USD 412), meanwhile offer for Low Silicon (1-1.5%) pig iron is around INR 26,000/MT (USD 362). These offers are similar against last trade prices during Aug'19; ex-plant, Kharagpur, eastern India.

It seems that as the prices already dropped significantly by INR 2,000-2,500/MT (USD 28-35) during Jul-Aug'19, the producer is trying to make market sentiments optimistic good by keeping offers unaltered.

In addition, it should be noted that the private producers are maintaining offers firm, which may be another big factor behind keeping prices unaltered.

A subsidiary of domestic steel giant Tata Steel, Tata Metaliks has a manufacturing plant at Kharagpur, West Bengal, where pig iron and ductile iron pipes are produced.

Foundry grade pig iron offers by stockiest in Delhi is hovering at INR 29,500-29,700/MT ex-works & INR 30,300-30,500/MT FoR Ludhiana, excluding of 18% GST. Amid short supply of foundry pig iron in northern India, offers moved up by INR 500-1,000/MT (USD 7-14) in last 7-10 days.