Local Indian pig iron prices have remained unchanged during the past week at around INR 18,000/mt ($290/mt) ex-works amid the ongoing lack of demand, traders said on Tuesday, January 7.
However, market sources said that several traders in the eastern and southern Indian markets have been offering discounts in a range of INR 100-200/mt ($2-3/mt) to push volumes, but this attempt has failed to attract any substantial bookings.
The sources said that most foundries in the eastern and southern markets have been battling high energy costs along with depressed demand, and discounts alone will not prompt them to conclude bookings and carry inventories beyond their immediate requirements given the excess domestic supply of pig iron from local producers.
Large producers are reported to have decided to maintain unchanged base pig iron prices through the current month but an upward revision is on the cards next month on the back of higher costs of ore, the sources said.