Local Indian pig iron prices have moved sideways over the past week at INR 17,800/mt ($290/mt) ex-works, after two consecutive weeks of decline, traders said on Thursday, November 13.
According to a Kolkata-based trader, dealers' stocks have been low but most have stayed away from fresh bookings as the weak fundamentals in the market have persisted.
The market has expected long product prices will continue to seek lower levels since the correction has yet to run its course as demand from the construction sector has remained tepid. This has impacted the outlook for steel grade pig iron negatively, he added.
Market sources have stated that falling international prices of scrap and higher import volumes dampened demand for local pig iron, resulting in insignificant transaction volumes during the week.
Imported scrap prices have declined by $4/mt over the past week to around $328/mt CFR Mumbai, the sources said.
No new export tenders from major producers have been reported in the market, the sources added.
$1 = INR 61.51