Local Indian pig iron prices have increased by INR 300/mt during the past week at INR 22,700/mt ($349/mt) ex-works, rising for the second consecutive week amid restocking by dealers and continued optimism over exports, traders said on Wednesday, April 5.
"The overall revival in sentiment in the steel markets and strong billet prices have provided support for pig iron prices to maintain their strong price performance," a Kolkata-based trader said.
"With billet prices moving up by around six percent over the past one month and with good booking volumes from foundries, the market expects large producers to hike their pig iron prices later this month. Accordingly, even minor setbacks in the case of few export offers have not impacted the market," the trader added.
Sources said that trading firm MMTC Limited has reissued an export tender for 30,000 mt of pig iron and reports in the market indicate that MMTC preferred to reissue the offer expecting higher offers than what it received initially.
$1 = INR 64.97