Indian Pig Iron Offers May Rise on Strong Export Inquiries
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Pig Iron Prices in Indian market increase consecutively. In a week duration the offers further moved up by INR 200-500/MT (USD 3-8).
SteelMint's current week price assessment for steel grade pig iron with silicon upto 1.5% are at INR 22,500-23,800/MT (USD 345-367) ex-works against last week at INR 22,000-23,500/MT (USD 338-361). Price increased by INR 200-500/MT W-o-W.
The reasons sited for the strengthening pig iron prices are:
- Supply shortage on increase home consumption
- Strong export demand
- Rally in Global Coking coal & Scrap prices
MMTC, India's largest state owned trading house is expected to come up with fresh export tender in Aug'17, last tender by MMTC was concluded at USD 312-313/MT FoB.
According to the close sources with NINL (big supplier in Indian domestic market) is planning to hike their domestic pig iron offers as the private producers have already increased pig iron prices. Last offers by NINL for Steel (N1) grade was at INR 20,000-20,250/MT and INR 20,250-20,500/MT for Foundry (N2) grade (basic prices, ex-Cuttack , which expired on 30 Jun’17.
Trade Updates:
1. In Raipur Steel grade offers are assessed in the range of INR 23,500-24,000/MT ex-plant & excluding of GST 18%.
2. Jindal Steel, Raigarh heard to have concluded domestic deals for Pig iron at INR 23,200/MT ex-plant. The plant is also offering Granulated pig iron at INR 21,500/MT & Pooled iron at INR 21,000/MT ex-works from Its newly Angul, Odisha based plant.
3. West Bengal, Durgapur based private pig iron manufacturers have increased offers to INR 23,000/MT. The last trades were concluded at around INR 22,500/MT.
4. Hyderabad, one of the major market in South India, the last trade for steel grade pig iron are heard at approx INR 23,500/MT FOR & excluding of GST at 18%. However, the fresh price are expected to open above INR 24,000/MT (USD 370).
5. SteelMint's latest price assessment for export of Steel grade pig iron are around USD 330-340/MT FoB India main port, however no fresh deals were reported. Last deal from an Indian private pig iron manufacturer was reported at around USD 330/MT FOB India in the mid July.
