Local Indian pig iron prices have remained stable during the past week at INR 17,000/mt ($272/mt) ex-works, amid higher transaction volumes which have helped prices to consolidate gains made earlier in the month, traders said on Wednesday, April 15.
According to a Kolkata-based trader, the market appears to have absorbed the INR 300/mt ($5/mt) price hike effected by producers earlier in the month, as transaction volumes have showed a marked upturn during the week.
Some market sources said that sentiments have revived as pig iron producers have once again commenced offers for the export markets and this may ease supply pressures on the local markets. Rashtriya Ispat Nigam Limited (RINL) successfully closed an export tender for 30,000 metric tons earlier this month, though further details regarding the winning bid could not be ascertained from market sources. Given the first successful export shipment in over two months, sources said that both RINL and Neelachal Ispat Nigam Limited (NINL) could be expected to increase pig iron offerings for export shipments later this month.
$1 = INR 62.39