India: Neelachal Ispat Increases Pig Iron Price by INR 750/MT (USD 11)

Neelachal Ispat Nigam Limited(NINL) - India's largest pig iron manufacturer & exporter has increased its steel grade pig iron prices by INR 750/MT (USD 11) following hike in offers by private mills.

NINL has floated latest offers for steel grade pig iron at INR 27,400/MT (USD 392), the prices surged by INR 750/MT (USD 11) as against earlier offers of INR 26,650/MT (USD 381), which was valid till 11th Apr'19. The prices are ex-plant, Cuttack, Odisha(eastern India).

Meanwhile the current offers being attract trade discounts of INR 100-400/MT, which has remained unaltered by the producer.

The private mills earlier have significantly raised prices on account of short supply, healthy bookings with NINL & increase in domestic steel prices towards the beginning of last week. The mills in last week raised pig iron prices by around INR 1,000-1,500/MT(USD 14-21), however recently they cut price by approximately INR 500/MT (USD 7) on declining steel prices & better supply.

The latest steel grade pig iron offers by private producers stand at INR 27,300-27,400/MT ex-Jajpur(Odisha), INR 28,200-28,500/MT ex-Jharkhand, INR 28,500-29,000/MT ex- Durgapur, INR 28,300-28,500/MT FoR Raipur/Raigarh & INR 30,500-31,000/MT FoR Ludhiana; excluding 18% GST.