India's Largest Pig Iron Manufacturer Further Cuts Price Upto INR 600/MT (USD 9)
Neelachal Ispat Nigam Ltd (NINL)- India’s largest and state owned steel grade pig iron manufacturer & exporter has further reduced pig iron prices by INR 500-600/MT (USD 7-9) after a slight reduction made in Nov'18 end by INR 400/MT (USD 6).
The latest offers by the company floated for Steel grade at INR 27,900/MT (USD 393), N2 grade at INR 28,500/MT (USD 402) & Foundry (High silicon) grade at INR 29,000/MT (USD 409); prices are basic, ex-Cuttack, East India.
Meanwhile, the company has rolled over bulk purchase discount on steel grade pig iron at INR 100-400/MT.
Market sources believe amid limited domestic demand on weakening steel market, the company has slashed prices with an expectation to fetch healthy bookings.
Also as per sources, the company's recently floated 30,000 MT did not attract very aggressive response over competitive offers from CIS nations and Brazil. However no official confirmation regarding the pig iron export tender was received till the time of publishing this report. Global pig iron prices have come under pressure on falling global scrap prices.
source: SteelMint
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