Local Indian pig iron prices have remained stable for the third consecutive week at around INR 16,500/mt ($248/mt) ex-works amid reports of tight supply and successful conclusions of export tenders, traders said on Wednesday, December 30.
"Supply side tightening is providing support for the local pig iron market. Local billet and ingot prices have firmed up by around five percent over the past week and buyers are increasing bookings for steel grade pig iron," a Kolkata-based trader said.
"Most market participants are expecting pig iron prices to show positive gains in the New Year, bolstered by large producers maintaining their prices unchanged," the trader added.
Market sources said that sentiments have received a boost from the successful conclusion of at least two export tenders during the past week after a gap of five months.
Both MMTC Limited, the trading firm representing Neelachal Ispat Nigam Limited (NINL), and Rashtriya Ispat Nigam Limited (RINL) were successful in concluding one export tender each for 30,000 mt of pig iron for late January delivery, although the contract prices were not available in the market, the sources said.
$1 = INR 66.45