India: Private Pig iron Manufacturers Further Increase Offers on Limited Supply
The major private suppliers of pig iron in merchant market have further raised prices by around INR 500/MT (USD 7) in central & eastern regions during current week. The prices significantly increased due to short supply, the stockiest & manufacturers claimed.
Latest offers for steel grade is hovering at INR 27,500-28,000/MT ex-Raipur & Raigarh - Central India, INR 29,300-29,700/MT ex-Durgapur, INR 27,400-27,500/MT ex-Jajpur(Odisha) & INR 28,500-29,000/MT ex-Jharkhand - Eastern regions.
Plant wise update
-- As per officials from Neo Metaliks in Durgapur, the fresh offers hovering at INR 29,700-29,800/MT, which was last day traded at near to INR 29,300/MT ex-plant.
-- Similarly in Bokaro, Jharkhand - Electrosteels reported offers at INR 28,600-28,700/MT, which was earlier sold at around INR 28,200-28,300/MT ex-plant.
-- In Jajpur, Odisha, offers by Mesco Steels have raised to INR 27,400-27,500/MT, than the deals couple of days ago at about INR 27,200/MT ex-plant.
-- An official from Jayaswal Neco Industries, Raipur reported fresh offers for steel grade at INR 28,000/MT and the deals earlier at INR 27,500/MT ex-plant.
-- In context to Raigarh, Jindal Steel has reported less availability of materials for Pig iron, Pooled iron & Panther shots (granulated pig iron) due to healthier bookings earlier and increased captive consumption to produce finished products.
-- The similar comments being received for SAIL's - Burnpur & Durgapur based steel plant, where the fresh offers/tender for pig iron was not floated in merchant market due to rise in-house consumption to produce variety of products, as reported by market sources.
source: SteelMint
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