India: Private Pig Iron Producers Raise Offer Amid Hike in Billet Prices
The private pig iron producers in eastern India - Durgapur, Odisha & Jharkhand have raised prices by around INR 500/MT (USD 7). As per officials, prices have moved up on account of supply crunch and significant rise in domestic billet prices.
SteelMint learned that couple of merchant pig iron producers in Jharkhand have halted bulk bookings on assumption of further surge in prices and due to production disturbance. In line with rising billet prices, as per assessment in a week's time billet prices in eastern India have gained approximately by INR 1,000/MT (USD 14).
-- The latest offers by Neo Metaliks in Durgapur for steel grade pig iron reported at INR 28,500/MT as against last week at INR 27,900-28,000/MT ex-plant.
-- Mesco Steels based in Jajpur(Odisha) also has raised prices by INR 500/MT to INR 26,900-27,000/MT ex-plant, as reported by sources.
-- Similarly in Jharkhand, where limited qty is offered by producers at near about INR 28,000-28,200/MT ex-plant.
However in Central region, Raipur the prices are more or less firm owing to sufficient availability of material. Offers for steel grade reported at INR 27,300-27,500/MT FoR.
Meanwhile in Raigarh, the suppliers had cut prices by INR 300-400/MT in line with limited demand due to lessened Ingot/billet productions by about 50% due to power cuts in Pujipathra Industrial area, Raigarh. This leads to poor inquiries for pig iron too.
-- Today, the offers by Jindal Steel for steel grade pig iron reported at INR 27,200/MT which was last traded at near to INR 27,500/MT ex-plant, Raigarh. Meanwhile the company keeps steady offers for panther shots(granulated pig iron) at INR 26,000/MT ex-plant, Angul (Odisha).
In context to price movements in northern India, the suppliers have kept offers unaltered on stable supply and reported steel grade at INR 30,100-30,300/MT & foundry material at INR 34,200-34,300/MT FoR Ludhiana & excluding GST.
source: SteelMint
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