Indian Pig Iron Trade Log

Following volatility in Indian billet prices, the domestic pig iron producers have hold their offers amid average trade activities for the material.

The fresh domestic offers for steel grade (silicon upto 1.50%) are reported at INR 21,000-23,000/MT (USD 325-355) ex-works, which is similar to offers a week ago (Week 22).

A producer based in Durgapur, East India stated "outlook will be more dependent on billet price movements, further on NINL price scenario which likely to be declare in the coming week."

Notably, in the mid of May'17, when NINL (India's largest producer & exporter) reduced basic grade prices by INR 1,300-1,400/MT (USD 22-22), other renowned manufacturers also follow suit and plunge their offers by INR 1,000-1,500/MT (USD 15-23).

Trade Updates

1. Trade participants in Raipur, Central India reported offers by domestic manufacturer namely Jayaswal Neco Industries at INR 23,000/MT ex-plant. While, from Odisha based manufacturers offers at INR 22,500/MT FOR & Including CST.

2. An official from Jindal Steel reported steel grade offers for local market at INR 23,200/MT ex-plant.

3. Durgapur, East India based KIC (Kajaria Iron Company) & Neo Metaliks offers heard at INR 21,500-21,600/MT for Steel grade material.

4. Tata Steel's ferroshots trades are reported at INR 21,000/MT ex-plant. However, Pooled iron offers are not yet confirmed by the sources; reason being limited supply for the material

5. Steel grade offers in Western India reported in the range of INR 20,000-22,000/MT and for foundry material at INR 24,000-25,000/MT ex-works.

6. Jharkhand based Atibir Industries kept steel grade prices unaltered at INR 21,500-21,600/MT ex-plant, Giridih.

7. In South region, Hyderabad Gerdau Steel offers are heard at INR 22,800/MT and by Vedanta Resources at approx INR 23,000/MT FOR & Including CST.