Local Indian pig iron prices have remained stable during the past week at INR 22,800/mt ($355/mt) ex-works, though the short-term trend looks uncertain, traders said on Wednesday, August 16
“Pig iron prices are delicately poised and can go in either direction from this level,” a Kolkata-based trader said.
“While prices had moved up earlier largely because big pig iron producers were pushing up their base prices based on positive trends in export markets. However, domestic demand in its current state is unlikely to support higher pig iron prices,” the trader said.
On the other hand, at least two other traders discounted the possibility of any major downside risks to Indian domestic prices as large exporters like Neelachal Ispat Nigam Limited (NINL) are expected to announce new pig iron export tenders soon and, with export earnings remaining remunerative, the resultant tight supply to the domestic market can be expected to provide support for prices.
$1 = INR 64.27