In the Indian domestic market, basic pig iron (BPI) prices are trending neutral, at the level of INR 15,000/mt ($315/mt) ex-works, excluding excise duty of 8.24 percent and four percent VAT. On the other hand, following a local mills' receiving a counter bid for BPI at the level of $316/mt FOB in its latest export tender, it is expected that BPI export offers given by Indian mills will increase to the level of $320/mt FOB India.
US$1 = INR 47.6512