Local Indian pig iron prices have remained for the third consecutive week at around INR 15,300/mt ($230/mt) ex-works amid indications that producers will keep base prices unchanged at least until the second week of September, traders said on Wednesday, August 26.
According to a Kolkata-based trader, several large producers including Neelachal Ispat Nigam Limited (NINL) have decided to defer their end-of-the-month pricing meetings and take more time to make a fresh assessment of the currency turmoil and the impact on local prices.
The trader said that, with most market participants staying away from making fresh bookings and instead preferring to liquidate stocks, trading volumes and sentiments remained dull.
Market sources said that sentiments have also been impacted by reports that Rashtriya Ispat Nigam Limited (RINL) has extended the deadline for a 30,000 mt export tender until September 1, the third time the company had been forced to do so after not receiving any response to its export offer.
Similarly, government-owned trading firm MMTC Limited, acting on behalf of NINL, has extended the deadline for an export tender for 30,000 mt until September 3, having failed to receive any acceptable response within the previous deadline of August 11, the sources added.
$1 = INR 66,11