According to Mining News Pro - Amid sky-rocketing Indian steel (Billet & Sponge iron) prices, the pig iron prices in Central & East regions have increased by around INR 500/MT (USD 8). Also, the participants claimed that, on anticipation of further hike prices by NINL, the private producers have hiked the prices.
Neelchal Ispat (NINL), India`s largest pig iron producer has received healthy bookings in the last offers of INR 27,700-28,100/MT which had expired on 24th Aug`18, as reported by participants and the Central region booked the maximum deals of NINL.
Further as per assessment, Indian steel prices increased sharply by INR 2,000/MT (USD 29) in a week & INR 3,000-5,000/MT (USD 43-72) Month-on-Month. This has influenced pig iron producers to spike the prices.
-- Neo Metaliks in Durgapur, East India has quoted steel grade pig iron at INR 30,500-30,700/MT and last deals reported at INR 30,000/MT ex-plant.
-- Atibir Industries, one of the major producer of Steel grade pig iron in Jharkhand have stated deals at around INR 30,500/MT for local buyers.
-- Electro Steels based in Bokaro, Jharkhand reported deals for local market at INR 30,000/MT for steel grade pig iron. Although, the company is planning to raise prices.
-- Jindal Steel reported no major stock and the prices for steel grade pig iron at INR 30,000/MT ex-Raigarh & Panther shots (granulated pig iron) at INR 28,500/MT ex-plant, Odisha.
-- As per sources, Mesco Steels in Odisha has raised offers and the steel grade pig iron evaluated at around INR 29,200/MT ex-plant.
-- The Suppliers in Raipur reported latest offers for steel grade at INR 30,200-30,400/MT and deal in last week stated at INR 29,800-30,000/MT FoR & excluding GST.
-- The traders in North region- Ludhiana have maintain offers - Steel grade at INR 31,600-31,800/MT & Foundry grade at INR 34,500-34,700/MT, FoR & excluding GST.
-- South India based manufacturer - Gerdau Steel has sales closed at last offers of INR 29,000/MT FoR Hyderabad and as per officials fresh prices likely to be hike for Sep`18 deliveries.
-- As per participants, Tata Metaliks is planning to raise pig iron prices for Sep`18 deliveries. The Foundry grade offers for Aug`18 were at INR 33,000/MT ex-plant, Kharagpur, West Bengal.
