Local Indian
pig iron prices have gained INR 500/mt over the past week to IRN 22,400/mt ($345/mt) ex-works amid renewed buying from foundries and optimism over export shipments, traders said on Wednesday, March 29.
"There are healthy bookings by foundries located around Raipur in central
India, which has boosted volumes and provided support for prices," a Kolkata-based trader said.
"Buyers are also rushing to conclude bookings ahead of the anticipated price hike by large producers next month," the trader added.
Market sources said that MMTC Limited floated a fresh export tender for 30,000 mt of
pig iron last week after a break of a fortnight and traders have felt that this marks a revival of export shipment volumes.
The sources pointed out that
pig iron supplies to the market are seen to be tightening as large producers are focusing on increasing their production of billets, prices of which have surged by INR 500/mt during the past week.
$1 = INR 64.96