India: SAIL Reduces Pig Iron Offers for August Deliveries
Steel Authority of India Ltd (SAIL) has reduced basic grade (steel grade) pig iron offers by around INR 700/MT (USD 10) from its Bhilai Steel Plant (BSP) based in Central India, SteelMint learned from market sources.
The latest offers for Steel grade pig iron reported at around INR 23,800/MT (USD 337), however the last offers were reported at near to INR 24,500/MT (USD 347), ex-plant & excluding GST. The current offers also attract discount of INR 100-200/MT on more than 1,000 MT bookings, as sources reported to SteelMint.
It seems the prices have dropped on account of constant fall in steel & pig iron offers by private mills. It should be noted that the private pig iron producers have cut price by INR 500-1,000/MT (USD 7-14) in a week & INR 1,500-2,500/MT (USD 21-35) during Jul'19, owing to plunge in steel (Billet) prices by INR 1,500-2,500/MT (USD 21-35).
The landed cost of BSP's pig iron to Raipur based furnaces would be around INR 24,100-24,200/MT, meanwhile the stockiest in market are offering material at same price range at INR 24,200/MT FoR Raipur; excluding GST.
SAIL is India's largest steel producer in terms of capacity with an annual installed capacity of over 21 MnT. 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.
As per reports NINL’s blast furnace off operations as MMTC withholds cash flow. MMTC the largest promoter in NINL with an equity of 49.9 per cent, has stopped provisioning for the steel unit’s operating expenses after it filed its plan on the Bombay Stock Exchange (BSE) to divest its stake in the loss accumulating PSU.
source: SteelMint
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
