India's pig iron export market has gained strong momentum since April 2026, driven by robust buying interest from the US and other overseas destinations. Several eastern and western India-based producers have secured sizeable export bookings, while additional export enquiries continue to emerge. The sustained export activity has tightened domestic availability, particularly in eastern India, helping support a recovery in pig iron prices despite weak downstream demand and cautious domestic buying.
Against this backdrop, India's pig iron exports rose to around 0.61 million mt in FY'26, more than doubling from 0.28 million mt in FY'25, marking the strongest export performance in the last five years. The export revival comes at a time when domestic production remained largely stable at 8.4 million mt in FY'26, compared with 8.3 million mt in FY'25. The combination of stable production and sharply higher exports reduced spot availability in the domestic market, allowing producers to maintain firmer offers despite uneven local demand.
US emerges as preferred destination
The US emerged as the key destination for Indian pig iron during April-May 2026, with cumulative bookings exceeding 0.25 million mt. Multiple bulk cargoes were concluded by eastern and western India-based suppliers, reflecting stronger procurement of Indian-origin material by US buyers. Thailand remained another active destination, absorbing around 20,000-22,000 mt, while Turkey continued to source sizeable volumes through large-scale bookings earlier in the year.
Why US buyers are shifting towards Indian pig iron
Indian pig iron has become increasingly competitive in the global market due to attractive FOB prices and improved trade conditions. Market participants noted that Indian-origin pig iron was offered at around $430-440/mt FOB west coast India, translating to nearly $480-490/mt CIF New Orleans, making it attractive compared with several competing origins.
At the same time, tighter global availability and elevated scrap prices encouraged US mini-mills to diversify sourcing. Higher scrap prices improved the relative economics of pig iron procurement, prompting buyers to look beyond traditional supply origins. The reduction in US tariffs on Indian imports further improved the competitiveness of Indian material, enabling suppliers to secure a larger market share.
Export revival supports domestic market
The increase in export bookings coincided with a sharp recovery in domestic pig iron prices. BigMint's Durgapur steel-grade pig iron prices climbed from around INR 32,700/mt in December'25 to over INR 40,200/mt in April'26, supported by export-led supply tightening.
Large export commitments reduced spot availability across eastern India and allowed producers to maintain firmer offers despite uneven domestic demand. Export activity was particularly strong during Q4FY'26, helping absorb excess volumes and support producer pricing. The increase in exports was particularly significant given that domestic production remained largely unchanged during the year, indicating that overseas demand rather than tighter supply was the principal factor behind the recovery in prices.
Imports decline amid improving domestic availability
While exports strengthened, imports declined significantly. India's pig iron imports fell to around 0.17 million mt in FY'26 from 0.30 million mt in FY'25. Earlier imports primarily originated from Russia and select overseas suppliers but improved domestic availability and stronger local production reduced import dependence during the year.
Outlook
Export enquiries from the US and Southeast Asia are expected to remain a key market driver in the near term. With Indian pig iron maintaining a pricing advantage and global buyers seeking alternative metallic sources, exports are likely to continue supporting domestic market fundamentals. However, sustainability of the trend will depend on global steel demand, freight economics and trade policy developments in key consuming regions.
As long as export demand continues to absorb surplus domestic production, overseas shipments are likely to remain an important source of support for Indian pig iron prices despite uneven downstream demand.
Source: BigMint
