More producers adjust prices in sluggish Indian domestic pig iron market

Wednesday, 15 October 2014 15:31:24 (GMT+3)   |   Kolkata
       

Local Indian pig iron prices have edged down marginally by around INR 100/mt ($1.6/mt) during the past week to approximately INR 18,000/mt ($293/mt) ex-works amid sluggish demand for semi-finished products and adjustments of base price by more producers, traders said on Wednesday, October 15.
 
According to a Kolkata-based trader, steel grade pig iron prices have softened across the country in reaction to the fall in demand for and in prices of long products and rising imports of Chinese long products particularly in local markets in coastal regions.
 
Market sources said that, contrary to the announcement early this month that it would be keeping prices stable during the current month, Neelachal Ispat Nigam Limited (NINL) on October 14 said that it would lower its price by INR 300/mt ($4/mt), reflecting the worsening demand situation in the market.
 
The sources said that buyers from the foundry sector have not concluded any significant transaction during the week either as market fears of a weakening of the manufacturing sector have been vindicated as government data released this month indicated that the index for industrial production (IIP) has remained stagnant at 0.4 percent for the past two consecutive months belying hopes of an overall demand revival.

Similar articles

Ex-Brazil BPI exporters achieve slight rise in latest deals to US amid better scrap sentiment

28 Mar | Scrap & Raw Materials

Japanese crude steel output down 3.8 percent in February from January

27 Mar | Steel News

Price gap between low and high-phosphorus Brazilian BPI narrows in last deals

25 Mar | Scrap & Raw Materials

German crude steel output increases by 4.6 percent in January-February

25 Mar | Steel News

Ukraine’s ArcelorMittal Kryvyi Rih posts lower pig iron output due to Russia’s attacks on energy infrastructure

21 Mar | Steel News

Buyers from Turkey and Italy seek lower ex-Russia BPI prices even though scrap lacks direction

20 Mar | Scrap & Raw Materials

Turkey’s pig iron imports up 5.0 percent in January

20 Mar | Steel News

China’s crude steel output up 1.6% in Jan-Feb despite unexpectedly weak post-holiday demand

18 Mar | Steel News

Ex-Brazil BPI market at standstill due to high prices for buyers, ex-Russia sellers under strong pressure

15 Mar | Scrap & Raw Materials

Local pig iron prices in China - week 11, 2024

15 Mar | Scrap & Raw Materials