India: SAIL Cuts Pig Iron Offer by INR 400/MT

Steel Authority of India Ltd (SAIL) has reduced pig iron (steel grade ) offers by INR 400/MT ($ 6) from its Bhilai Steel Plant (BSP), SteelMint learned from market sources.

According to the recent circular issued by SAIL, offer stands at INR 23,400/MT (USD 327) EXW - Bhilai for a quantity of 15,000 MT. It also attracts a quantity discount of INR 100-300/MT.

Pig iron prices in Indian market have been falling for last few months on weak demand and increased supply. SAIL had cut offers by around INR 700/MT (USD 10) last month.

Offers by private mills are assessed at INR 23,500-24,000/MT ex-Durgapur, INR 23,500-24,000/MT ex-Jharkhand & INR 22,800-23,000/MT ex-Jajpur, Odisha.

Meanwhile in central region offers hovering at around INR 23,600-23,800/MT FoR Raigarh & INR 23,800-24,000/MT FoR Raipur.