India: Pig Iron Demand Weakens in Domestic Market
Indian private mills have reported poor response in floated steel grade pig iron offers and hence they are offering a discount on bulk orders. This has resulted to drop in price range by INR 100-300/MT in a week.
As per our reliable sources, the plants in Durgapur & Jharkhand are giving discount of INR 200/MT on bookings of above 500 MT.
The current offers stand at INR 27,300-27,600/MT ex-Durgapur & INR 27,000-27,200/MT ex-Jharkhand, both are ex-plant, excluding GST & trade discount.
While the offers in Raipur (central India) are hovering at INR 28,200/MT ex-works & in Raigarh at INR 28,100-28,200/MT FoR.
Sources also confirmed that SAIL's BSP (Bhilai Steel Plant) received poor participation on allotted 20,000 MT pig iron for which price circular was floated on 15th Feb'20. About 10% material was sold till last week at offers of INR 28,200/MT ex-plant.
In northern India, offers of pig iron are hovering at INR 29,000/MT FoR Ludhiana, down by INR 300/MT, W-o-W.
Industry experts believe that pig iron prices are likely to remain under pressure on account of sufficient availability & less demand from the local furnaces along with reduced furnaces output specifically in central region.
source: SteelMint
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