India: Neelachal Ispat Resumes Pig Iron Offers in Merchant Market

Neelachal Ispat Nigam Ltd (NINL)- India’s largest and state owned steel grade pig iron manufacturer & exporter has floated fresh price circular for both steel & foundry grade. Prior to this, the last offers floated by company on 5th Jul'19, after that no fresh offers were quoted.

The latest offers for steel (N1) grade by NINL floated at INR 22,500/MT (USD 314) as against last offers during Jul at INR 25,400/MT (USD 354).

Similarly the fresh offers for Foundry grade (Si. 1.25% to 2.25%) pig iron reduced and current offers are at INR 23,000/MT (USD 320); prices are basic, ex-Cuttack, East India.

As per close sources with the company, MMTC has cancelled allotment in yesterday's auction which was floated to sale about 10,000 MT basic grade pig iron, hence similar quantity has been put on sales in merchant market through the open price circular.