Author: Paul Ploumis
19 Jan 2015 Last updated at 07:31:45 GMT
NEW DELHI (Scrap Monster): Ankit Miglani, the deputy managing director of Uttam Galva Steel, the largest galvanized steel producer in the country, stated that, the decline in the price of raw materials has also lowered the cost of the product manufacturing, which the company will pass on to its customers.
When the steel price of the commodity has declined just marginally by about 5 percent or one percent, in the past few months, the commodity had witnesses a decline of more than 9 percent in the last four months due to the slow demand from the consumer industry.
Any ways, it is interesting that the raw materials have been following the suit, but still the decline in the raw materials is far more sharper in the raw material than in the steel. The price of both pig iron as well as the sponge iron has declined 12 percent as well as 9 percent respectively. The value f pig iron closed at about Rs 2,1800 per tonne on Friday, at the same time the value of sponge iron was quoted to be 1,9700 per tonne in the domestic market, from Rs 2,4800 per tonne and Rs 2,1700 per tonne in the month of September 2014.
