India: SAIL Receives Good Response in Pig Iron Auction; 50% Material Booked
SAIL's pig iron auction conducted today for 6,500 MT steel grade pig iron from its Rourkela Steel plant (eastern India) has received quite better response in line with last auction which was held on 15th May'19.
As per sources, in today's auction around 3,100-3,200 MT (49%) pig iron has been booked at the base price of INR 27,250/MT which is similar to last auction in which base price was quoted at INR 27,200/MT ex-plant (Rourkela) for 12,000 MT and near to 3,700 MT (30%) pig iron was sold out.
Today's good participation in pig iron auction attributes to rising steel (Billet) prices. Also fresh pig iron offers by NINL (Neelachal Ispat Nigam Ltd) are on hold against last offers of INR 27,000-27,400/MT ex-Cuttack, Odisha and the fresh offers are due since 12th May'19.
Participants believe NINL to slightly change their latest prices, if steel prices remain strong. However, if demand didn't support NINL may slightly reduce prices to increase trade volumes.
SAIL is India's largest steel producer in terms of capacity which is about 21 MnT per annum. Meanwhile in context to Pig iron NINL is the largest merchant producer of pig iron with an annual hot metal production capacity of about 1.1 MnT.
source: SteelMint
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