Tata Metaliks Roll Over Prices of Foundry Pig iron for April Bookings

Tata Metaliks, one of India's major foundry grade pig iron manufacturer has kept its prices unaltered for April'18 bookings,as per reports . In March'18 the company has increased the prices twice by INR 400/MT; total of around INR 800/MT (USD 13).

The latest offers are reported at INR 32,400/MT (USD 499) for high silicon, foundry grade pig iron which is similar against Mar'18. The offers are excluding 18% GST & ex-plant, Kharagpur, East India.

It seems that volatility in domestic steel prices amid downturn in global raw material prices has propelled producer to keep the offers on the similar levels. Also as per trade participants, the company is receiving good response in prevailing prices.

Tata Metaliks' annual pig iron production capacity is about 300,000 MT and the company largely sells material to North India - Punjab & Ludhiana which is known for foundry Industries. The company also supplies material in the local market.

Prices surge in North India

The pig iron prices for both steel and foundry grade in North India have moved up in line with higher offer prices by East India based private producers.

SteelMint price assessment in current week for foundry grade stood at INR 33,000/MT against last week of INR 32,000-32,500/MT FoR Ludhiana. Similarly steel grade offers also surge to INR 31,500/MT against last week of INR 31,000/MT FoR Ludhiana; excluding 18% GST.