Local Indian pig iron prices have remained at around INR 17,600/mt ($285/mt) ex-works in the past week, but buyers have kept away from the market following the sharp decreases seen last month, traders said on Wednesday, December 3.
According to a Kolkata-based trader, demand has persisted at a low ebb, particularly for steel grade pig iron, since billets and long product prices have been declining. Besides, most dealers are carrying high inventories and hence fresh bookings are scarce in the market, he added.
Market sources said that government trading house MMTC Limited has floated an export tender for 40,000 mt of pig iron on behalf of domestic producer Neelachal Ispat Nigam Limited (NINL).
However, the market mood on exports is bearish, considering that over the past two months MMTC had to extend the deadlines for two export tenders before finally scrapping its tender which had attracted just one bid, with the offer not meeting the trading house's expectations, the sources said.
$1 = INR 61.86