India: TATA Metaliks Further Cuts Foundry Pig Iron Offer
TATA Metaliks Limited (TML) - known as the largest Foundry grade pig iron manufacturer in eastern India has again reduced Foundry pig iron offers by INR 600/MT (USD 9) & Low Silicon pig iron by INR 500/MT (USD 7) today.
Prior to this, the producer had cuts Foundry pig iron offer on 15th Jul'19 by INR 700/MT (USD 10).
The latest offers by TATA Metaliks for Foundry pig iron is reported at INR 30,400/MT (USD 442) which was earlier trading at INR 31,000/MT (USD 451); ex-plant, Kharagpur, eastern India.
Meanwhile the fresh offers for Low Silicon (1-1.5%) pig iron stood at INR 27,200/MT (USD 395), as against earlier at INR 27,700/MT (USD 403). The prices are ex-plant, Kharagpur, eastern India.
It seems that, falling steel prices has lowered pig iron demand in the country, this resulting constant drop in pig iron prices by private as well state owned mills.
Recent TATA Metaliks has declared its quarterly results ending June 2019, in which the company's pig iron sales reported surge of 5% Y-o-Y & 3% Q-o-Q in Q1 FY20.
As per press release, the company's pig iron sales was about 71,577 MT in Q1 FY20, up slightly as against 68,393 MT in Q1 FY19 & 69,574 MT in Q4 FY19.
A subsidiary of domestic steel giant Tata Steel, Tata Metaliks, has a manufacturing plant at Kharagpur, West Bengal, where pig iron and ductile iron pipes are produced.
source: SteelMint
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