After downward pressures in the previous two weeks, local Indian pig iron prices have bounced back gaining INR 500/mt ($7.50/mt) during the past week to INR 18,800/mt ($280/mt) ex-works, as sustained restocking by dealers overcame price reductions by a few producers, traders said on Wednesday, June 1.
“Most market participants who had been on the sidelines are back making fresh bookings anticipating that price corrections have run their course,” a Kolkata-based trader said.
“The aggressive restocking has enabled local pig iron prices to harden despite a large producer announcing a lower base price for June shipments,” the trader added.
Market sources said that Neelachal Ispat Nigam Limited (NINL) has lowered its base price by INR 400/mt ($6/mt), its second price cut in less than 30 days. But the sources said that this did not dampen sentiment or prices as fresh bookings gained momentum during the week.
$1 = INR 67.30