IRON and STEEL
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.
Indian pellet export market has gained some movement after observing a week's silence. According to market sources reported to SteelMint, an east India based pellet maker has concluded pellet export deal to China for 50,000 MT pellet (Fe 64%, and 3% Al).
NMDC (Chhattisgarh) supplied total of 169 rakes (0.65 MnT) of iron ore in the month of Aug’19, down 24% against 222 rakes (0.85 MnT) a month before in Jul’19, according to railway movement data maintained with SteelMint. Amid heavy rains, miner's iron ore production and dispatches were learned to have remained adversely impacted.
Iran’s Bank Pasargad is going to open a branch in India in the next couple of months to help boost trade between the two countries by providing a channel to bypass the U.S. sanctions which have blocked international banking channels, Financial Express reported.
Vizag Steel, a leading state owned Pig iron producer and exporter, has issued an export tender of 25,000 MT basic grade steel making Pig iron for any country other than Nepal. The offered material has specifications - C: 3.5 - 4.8%; Mn: 0.50% (max); Si: 1.5% (max); P: 0.12% (max); S: 0.050% (max).
Ferro Silicon prices moved down in Bhutan despite improving demand. Producers are cutting down prices to entice buyers. However, the demand remains scattered, a few producers are enjoying good demand whereas others are reducing prices and hence, the overall prices are getting affected. Producers in Bhutan were undercutting prices since last week and now the producers have reduced their offer prices as they are facing a cash crunch in the month-end. Many producers are low in inventory.
To avoid future dependency on China for lithium batteries, Indian Oil Corporation Limited (IOCL) will reportedly make an alumina-based battery, which will be used for running electric vehicles.