Local Indian pig iron prices have remained stable during the past week at around INR 18,000/mt ($290/mt) ex-works amid very low transaction activity in the market, traders said on Tuesday, December 31.
According to a Kolkata-based trader, year-end considerations and high inventories with traders and foundries reluctant to make fresh bookings have led to ongoing poor sentiment and unchanged prices.
There have been no reports of any new export tenders from large producers in view of the year-end holidays in several overseas markets and local producers have been reportedly pushing volumes in the local market, further worsening the oversupply situation, the trader added.
Market sources said that there have been some reports that large producers could cut prices by INR 200-400/mt ($3-6/mt) in the New Year to be able to continue push volumes into the local market, if the absence of export orders continues.