Local Indian pig iron prices have edged down by around INR 100/mt ($1.6/mt) during the past week to INR 16,400/mt ($263/mt) amid increased supplies and lack of buying interest, traders said on Tuesday, February 10.
According to a Kolkata-based trader, none of the major Indian pig iron producers like Neelachal Ispat Nigam Limited (NINL) or Rashtriya Ispat Nigam Limited (RINL) have been successful in clinching many export tenders this year and, as a result, much of the export surplus has been flowing into the domestic market.
In fact since January, only MMTC, the government trading house, has been successful in concluding only one export tender for 30,000 mt at $310/mt, but at least four other tenders have had to be cancelled as offers were not considered favorable.
The trader said that that an estimated 90,000-100,000 mt of exportable pig iron is thought to have found its way into the domestic market since January, putting pressures on prices.
$1 = INR 62.11