Indian Pig Iron Prices Fall, Market awaits NINL Price Circular
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In the current week, Indian pig iron prices have dropped by INR 200-600/MT (USD 3-8) owing to limited inquiries on falling steel prices and anticipations of price corrections by NINL.
Neelachal Ispat (NINL) is India's largest producer of Steel grade pig iron had quoted last offers at around INR 29,800-30,200/MT, although the company's fresh price revision is due since 30th Sep'18.
The industry participants expect NINL to reduce prices for domestic buyers as offers are cheaper through the nearby private producers. Current offers in Eastern India by private producers hovering at INR 29,000/MT (Durgapur & Jharkhand), meanwhile the buying interest is poor, as per suppliers.
-- As per officials of Neo Metaliks based at Durgapur, offers Steel grade pig iron at INR 29,000-29,200/MT (ex-plant), however no major buying interest due to falling billet prices and upcoming week long festive holidays in the market.
-- Similar comments being received from Atibir Industries where offers through the officials reported at INR 29,000-29,500/MT as against last week at INR 29,500/MT (ex-plant).
-- Western India based largest foundry grade pig iron manufacturer has maintained prices which was earlier expected to increase and current offers for steel grade reported at INR 31,000/MT, ex-works, Goa & excluding GST.
-- As per officials of Electrosteel there are no such major inquiries and last offers reported at around INR 29,000/MT ex-plant.
-- Ludhiana, North India based traders have lower steel grade pig iron prices by INR 500-700/MT in current week, meanwhile offers for foundry grade more or less unchanged. The latest deals for Steel grade reported at INR 31,800-31,900/MT & Foundry grade hovering at INR 34,500-34,700/MT FoR Ludhiana & excluding GST.
-- SteelMint's Pig iron export price assessment stood at USD 385-395/MT FoB India, USD 360-365/MT FoB Brazil and USD 365-370/MT FoB Black sea.
-- According to customs data maintained with SteelMint, Indian pig iron exports have come down by 64% in first three quarters of CY18. India exported 170,910 MT pig iron during Jan-Sept'18 against 469,050 MT in same time frame last year.
