Local Indian pig iron prices have remained stable during the past week at INR 21,600/mt ($336/mt) ex-works, amid sustained buying and optimism in relation to exports, traders said on Wednesday, July 19.
“Pig iron prices are seen to be consolidating after touching an eight-week high earlier in the month. Good demand from the foundry sector is providing support for the market,” a Kolkata-based trader said.
Market sources said there is optimism in the market amid reports that an export tender for 30,000 mt of pig iron floated by government trading firm MMTC was concluded at the highest export price for the year so far, although no definite information is available on the final contracted price.
The strong performance of the billet market which has increased by INR 300/mt during the past week has also provided support for local pig iron prices, prompting large pig iron producers to reduce market offerings and use larger volumes for captive conversion, the sources added.
$1 = INR 64.34