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Pig iron producers in India are trying to reduce manufacturing cost and diversify their sales to foreign markets amidst muted demand from the domestic steel sector.
In order to reduce production cost, some units are said to be using more iron ore fines than lumps. Further, firms like Sesa Goa are now producing according to the need only.
Some firms are diversifying sales within the domestic market. For example, companies that used to market pig iron in Gujarat market are setting eye on the North Indian market as well.
Nilachal Ispat Nigam, which is the largest pig iron producer, with an annual capacity of 1.1 million tonne,
plans to reduce pig iron production and diversify into steel making and in the current fiscal.
It commissioned the steel melting shop in March and is expected to start billet production from May onwards. It hopes to make profits this financial year on billet sales.
SP Patnaik, MD of NINL said that "Steel Authority of India is in talks with the firm to buy out the entire billet produced by it. The firm sees a great scope for billet.