Pig iron price fluctuates in the global market
Pig iron producers based at the Commonwealth Independent State (CIS) have failed to maintain their prices which were raised a week ago. At present, the offers have plunged by USD 5/MT to USD 380/MT FoB Black Sea, which was earlier being quoted at around USD 385-400/MT. This price fall is because of a reduction in Chinese spot Iron ore prices by USD 3/MT to USD 135/MT W-o-W for week ended 8 September, 2013. The Chinese spot Iron ore prices have further declined to USD 132/MT as on 12th September’13. Another reason behind pig iron market price fall is the limited purchase of Scrap and other raw materials from buyers based in Turkey. Italian Pig iron is achievable at a lower price of USD 410/MT CIF for October’s shipment according to the sellers and buyers of the material. Freight charges rates of 10,000 tonnes shipments ex-Mariupol of Italian Pig iron stands at USD 25-27/MT.
Pig iron exported from India in August 2013 was around 124,953 MT including exports mainly from Paradip port (around 63,000 MT), around 31,043 MT from Goa port and around 30,000 MT from Vizag port. Total exports from India have gone up to around 90,000 MT, which was at around 35,000 MT in July 2013.
In India, NINL of Odisha is the largest pig iron manufacturers with an annual capacity of 885,000 MT. Other big players in India are Rashtriya Ispat Nigam Limited (RINL), Vizag, with an annual production of 556,000 MT, Adhunik Metaliks, Rourkela, with an annual production capacity of 231,000 MT and Sathavahana Ispat in Hyderabad with an annual production capacity of 120,000 MT.
Pig iron is a semi-finished metal form of Iron ore which is produced in the blast furnace. It contains 92% iron, high amount of carbon around 3.5% and some amount of manganese, silicon, phosphorous, sulfur and other impurities. Pig iron is filtered and refined further in a furnace for converting it into steel. The name of Pig iron is derived from its shape of trough which resembles a Pig and was used during 19th century to cast a Pig iron.