Local Indian pig iron prices have remained unchanged during the past week at around INR 18,000/mt ($292/mt) ex-works as most buyers have refrained from making fresh bookings after the price gains in earlier weeks, traders said.
According to a Kolkata-based trader, local prices have been moving sideways after restocking by some traders in northern Indian markets early in the month tapered off and as traders in eastern and southern India have not concluded any new transactions during the past week.
Since restocking needs of traders have not been uniform across India, the market does not expect the new booking activity seen earlier to be maintained or to offer fresh support for prices, the trader said.
Also, with most large domestic producers like Rashtriya Ispat Nigam Limited (RINL) and Neelachal Ispat Nigam Limited (NINL) announcing that they will keep their prices unchanged through December-January, local prices have moved on a stable trend amid low volumes.
No new export tenders from producers have been reported in the market during the past week and sources said that a recovery in export demand is not anticipated in the short term in view of the year-end considerations of overseas buyers and so supplies will continue to exert pressure on local prices.