Indian Private Pig iron Producers Increase Prices

Amid sky-rocketing Indian steel (Billet & Sponge iron) prices, the pig iron prices in Central & East regions have increased by around INR 500/MT (USD 8). Also, the participants claimed that, on anticipation of further hike prices by NINL, the private producers have hiked the prices.

Neelchal Ispat (NINL), India's largest pig iron producer has received healthy bookings in the last offers of INR 27,700-28,100/MT which had expired on 24th Aug'18, as reported by participants and the Central region booked the maximum deals of NINL.

Further as per assessment, Indian steel prices increased sharply by INR 2,000/MT (USD 29) in a week & INR 3,000-5,000/MT (USD 43-72) Month-on-Month. This has influenced pig iron producers to spike the prices.

-- Neo Metaliks in Durgapur, East India has quoted steel grade pig iron at INR 30,500-30,700/MT and last deals reported at INR 30,000/MT ex-plant.

-- Atibir Industries, one of the major producer of Steel grade pig iron in Jharkhand have stated deals at around INR 30,500/MT for local buyers.

-- Electro Steels based in Bokaro, Jharkhand reported deals for local market at INR 30,000/MT for steel grade pig iron. Although, the company is planning to raise prices.

-- Jindal Steel reported no major stock and the prices for steel grade pig iron at INR 30,000/MT ex-Raigarh & Panther shots (granulated pig iron) at INR 28,500/MT ex-plant, Odisha.

-- As per sources, Mesco Steels in Odisha has raised offers and the steel grade pig iron evaluated at around INR 29,200/MT ex-plant.

-- The Suppliers in Raipur reported latest offers for steel grade at INR 30,200-30,400/MT and deal in last week stated at INR 29,800-30,000/MT FoR & excluding GST.

-- The traders in North region- Ludhiana have maintain offers - Steel grade at INR 31,600-31,800/MT & Foundry grade at INR 34,500-34,700/MT, FoR & excluding GST.

-- South India based manufacturer - Gerdau Steel has sales closed at last offers of INR 29,000/MT FoR Hyderabad and as per officials fresh prices likely to be hike for Sep'18 deliveries.

-- As per participants, Tata Metaliks is planning to raise pig iron prices for Sep'18 deliveries. The Foundry grade offers for Aug'18 were at INR 33,000/MT ex-plant, Kharagpur, West Bengal.