Local Indian
pig iron prices have showed no changes during the past week remaining at INR 18,000/mt ($293/mt) ex-works apart from some softening in certain central Indian markets, traders said on Wednesday, October 8.
Market sources said that one of the leading Indian
pig iron producers, Rashtriya Ispat Nigam Limited (RINL), has reduced its base price for
pig iron by INR 800/mt ($12/mt) for October shipments.
However, this has had little impact on prices at the dealers' end owing to holidays and also because another major domestic producer, Neelachal Ispat Nigam Limited (NINL), has announced that its base price will remain unchanged during the current month.
According to a Kolkata-based trader, the market has been inactive in most parts of the country owing to the Hindu festival holidays with negligible volumes seen as traders have either closed their businesses or have preferred not to conclude any transactions.
However, in central Indian markets around Raipur, the prices of steel grade
pig iron have fallen by around INR 200/mt ($3/mt), reflecting the downturn in demand and the softening of prices for long products particularly TMT steel bars, he said.
Market sources said that demand for foundry grade
pig iron too is unlikely to show any uptick in the short term with casting products moving slowly, forcing foundries in the southern and northern regions of
India to reduce capacity utilizations and lower
pig iron inventories.