India: Tata Metaliks Reduces Pig iron Prices by INR 700/MT (USD 10)

Tata Metaliks Limited (TML), India's one of the major foundry grade pig iron manufacturer has reduced its prices for Dec'18 deliveries. Prior to this the company had rolled over prices during Nov'18.

As per officials, the prices drop on account of weak demand following price corrections in steel globally. Hence the pressure has mount to cut prices in line to better response through the foundry industries.

The latest offers for high silicon, foundry grade pig iron reported at INR 33,100/MT (USD 470) as against INR 33,800/MT (USD 480) in Nov'18. The offers are excluding 18% GST & ex-plant, Kharagpur, East India.

Prices fall in North India

The prices in Northern India being slightly fall owing to slump in steel prices during last week. As per traders/stockiest buyers away to take positions owing to significant fall in Steel & global scrap prices.

The latest offers for Foundry grade Pig iron in Ludhiana, North India reported at INR 33,400-33,600/MT as against last week at around INR 33,700/MT, FoR & excluding GST @ 18%.