Indian domestic
pig iron prices have remained stable during the past week at around INR 17,500/mt ($283/mt) ex-works amid weak demand conditions, traders said on Tuesday, October 22.
According to a Kolkata-based trader, demand and transaction volumes have varied across the market with the eastern and southern regions indicating sharply depressed volume off-take since foundries in the region have been operating at much lower capacities.
However, volumes in northern markets have been comparatively better as sentiments in those markets have been supported by tentative signs of revival in auto ancillary sectors, the trader said.
There have been no reports available in the market of any major export tenders finalized by large
pig iron producers for November shipment, which has aggravated the bearish mood among traders, he added.
Market sources said that until the Diwali festivals next month local
pig iron prices will likely move within a narrow range of INR 300-400/mt depending on the size of discounts on offer from traders, as buyers will remain cautious about inventory levels.