The local Indian pig iron market has showed tentative signs of recovery, with prices edging up by INR 200/mt during the past week to INR 21,900/mt ($333/mt) ex-works, in reaction to the firming up of billet prices, traders said on Wednesday, March 15.
"Local pig iron prices have been moving within a narrow range in either direction. The increase seen in the past week is too slight to say a recovery is around the corner," a Kolkata-based trader said.
"The marginal upward rise has been due more to sentiments and a reaction to improvements in the billet market which has seen a price rise of around INR 600/mt ($9/mt). But I am not sure whether current sentiment will be sustained in the pig iron market which is still strongly characterized by oversupply," the trader added.
At least two other traders said that support for local prices from a revival in export shipments seen in previous weeks is also uncertain as no new export tenders have been reported in the market from any of the large producers during the past week.
$1 = INR 65.67