Indian Pig Iron Prices Decline by INR 1,000/MT (USD 15)
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* Indian domestic pig iron prices dropped by INR 500-1,000/MT (USD 8-15)
* Correction in Pig iron prices in line with fell billet prices in domestic market
* Coking coal prices fell by USD 17-18/MT in a week
Pig iron prices in Eastern India witnessed sharp fall in current week by INR 500-1,000/MT (USD 8-15) as private producers failed to draw buying interest due to slump in steel prices.
Further, according to market participants, the pig iron prices also came under pressure in line with sharp fall in global Coking coal prices. In latest update, Australian coking coal prices declined about USD 17-18/MT due to limited demand amid strong supply.
SteelMint's price assessment for Steel grade Pig iron in current week stood at INR 28,800-29,200/MT ex-Durgapur/Bokaro, INR 29,500-30,000/MT ex-plant, Odisha, East India. At these offers, producers failed to get any major bookings thus leading to fall in prices.
Meanwhile in the rest of markets, prices marginally down by INR 100-500/MT and are assessed at INR 30,800-31,000/MT ex-Raipur, INR 30,600-30,800/MT ex-Raigarh, INR 27,700-28,000/MT FoR Hyderabad & INR 31,100-31,300/MT FoR Ludhiana. The all prices are excluding 18% GST.
Trade Log
-- Raipur - Central India based suppliers are offering steel grade Pig iron at INR 31,000/MT FoR. However, by the producer end deals in last week reported at INR 31,300-31,500/MT and presently there is no fresh offers by them.
-- Bokaro based Electro Steel which produces about 25,000 tonnes of steel grade material, latest offers assessed at INR 28,800-29,000/MT which was last week traded at around INR 30,000/MT, ex-plant.
-- Durgapur based Neo Metalics has concluded small deals for steel grade Pig iron at around INR 29,200/MT against INR 29,700-29,800/MT, ex-plant offers a week ago.
-- Girdih based Atibir Industries have reduced offers by INR 500/MT W-o-W. The steel grade offers are reported at INR 29,000/MT ex-plant & excluding GST.
-- SAIL's IISCO offers for Steel grade heard at around INR 28,500-28,700/MT ex-plant.
-- Trade participants in North India - Ludhiana reported less inquiries leads to fall in Pig iron offers by INR 200-500/MT W-o-W & assessed steel grade at INR 31,100-31,300/MT & INR 32,300-32,500/MT FoR & excluding 18% GST.
-- Global coking coal prices reported a sharp fall this week on strong supply amid limited buying interest by Chinese steel mills. In a week's time, the offers slided by USD 17-18/MT to USD 215-216/MT FoB Australia for Premium HCC.
Steel Grade Pig Iron Prices as on 15-Mar 2018
| Particular/Delivery | Prices | Min | Max | Change | 1W | 1M |
| Ex-Bokaro | 28,800 | 28,600 | 29,000 | - 1,200 | 29,900 | 26,500 |
| Ex-Durgapur | 29,000 | 28,800 | 29,200 | - 300 | 29,800 | 26,950 |
| Ex-Giridih | 28,800 | 28,600 | 29,000 | - 1,000 | NA | 26,450 |
| Ex-Hyderabad | 28,000 | 27,800 | 28,200 | - 300 | 28,300 | 28,000 |
| Ex-Ludhiana | 31,300 | 31,100 | 31,500 | - 200 | 31,075 | 28,900 |
| Ex-Raigarh | 30,800 | 30,600 | 31,000 | 0 | 30,600 | 27,850 |
| Ex-Raipur | 31,000 | 30,800 | 31,200 | - 100 | 30,925 | 28,350 |
| Ex-Vizag | 28,300 | 28,100 | 28,500 | 0 | 28,300 | 27,300 |
Prices in INR/MT & excluding 18% GST
Source: SteelMint Research
