Local Indian local
pig iron prices have showed no material changes during the past week remaining at around INR 19,000/mt ($316/mt) ex-works as sentiment became cautious, traders said on Thursday, May 8.
According to a Kolkata-based trader, transaction volumes have been low as sentiment influenced by bookings concluded by foundries in northern and southern
India weakened during the week.
Large producers have been continuing to push higher volumes into the market in the absence of any large pending export tenders during May-June, the trader said.
However, local
pig iron prices have been supported by reports that producers like Neelachal Ispat Nigam Limited (NINL) and Rashtriya Ispat Nigam Limited (RINL) will be diverting higher outputs of
pig iron for captive billet production, the trader added.
Sources said that traders have not been offering any volume discounts in view of high interest and inventory carrying costs.