Indian domestic pig iron prices stable while low demand persists

Monday, 29 April 2013 16:51:55 (GMT+3)   |   Kolkata
       

Indian domestic pig iron prices have remained stable at around INR 23,500/mt ($432/mt) ex-works amid fluctuating supplies and persistent sluggish local demand, traders said on Monday, April 29.

"Steel Authority of India Limited (SAIL) has reported lower pig iron production during April but at the same time producers like Neelachal Ispat Nigam Limited (NINL) have continued to push larger volumes  into the local markets at higher prices," Orissa-based traders said.

"The market was uncertain over the supply situation. While there has been every indication of oversupply, there has been a continued flow of new volumes into the market at higher price levels despite low demand," the traders said.

Market sources said that foundries not concluding transactions for large volumes, with several units located in southern and central India operating at low capacities and they have not been in a position to risk margins with high-priced pig iron.

There is no direction in the pig iron market since producers have persisted with high prices without relation to demand, according to market sources, who added that no confirmation was available on whether the low demand was resulting in an inventory pile-up at producers.


Similar articles

Ukraine’s Zaporizhstal completes first stage of BF No. 3 overhaul

29 Mar | Steel News

Ex-Brazil BPI exporters achieve slight rise in latest deals to US amid better scrap sentiment

28 Mar | Scrap & Raw Materials

Japanese crude steel output down 3.8 percent in February from January

27 Mar | Steel News

Price gap between low and high-phosphorus Brazilian BPI narrows in last deals

25 Mar | Scrap & Raw Materials

German crude steel output increases by 4.6 percent in January-February

25 Mar | Steel News

Ukraine’s ArcelorMittal Kryvyi Rih posts lower pig iron output due to Russia’s attacks on energy infrastructure

21 Mar | Steel News

Buyers from Turkey and Italy seek lower ex-Russia BPI prices even though scrap lacks direction

20 Mar | Scrap & Raw Materials

Turkey’s pig iron imports up 5.0 percent in January

20 Mar | Steel News

China’s crude steel output up 1.6% in Jan-Feb despite unexpectedly weak post-holiday demand

18 Mar | Steel News

Ex-Brazil BPI market at standstill due to high prices for buyers, ex-Russia sellers under strong pressure

15 Mar | Scrap & Raw Materials