India's Largest Pig Iron Supplier Reduced Prices
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India's largest merchant pig iron supplier and exporter, Neelachal Ispat (NINL) has reduced it's prices by INR 1,300-1,400/MT (USD 22-22) owing lull exports & sharp fall in domestic billet prices .
The Company is offering pig iron Steel (N1) grade at INR 21,400/MT (USD 330) & Foundry (N2) grade at INR 21,650/MT (USD 335); prices are basic, ex-Cuttack, East India.
Notably, domestic billet prices fell by INR 500-1,200/MT (USD 8-19) in a week & INR 1,500-3,000/MT (USD 23-46) in a month's duration.
In context to lull exports, there is no fresh export deal for pig iron by two largest exporters RINL & MMTC (NINL); from more than a month due to depreciated rupee & volatility in global scrap prices.
The last export tender by RINL was concluded in the late Mar'17 at USD 300/MT FoB for 30,000 MT.
MMTC's recent export tender was unable to get expected bids. According to sources the company had recieved only two bid which is at USD 280/MT & USD 300/MT FoB.
