Local Indian pig iron prices have showed little changes during the past week, remaining at around INR 19,000/mt ($325/mt) ex-works amid low activity in the market, traders said on Thursday, May 22.
A Kolkata-based trader said that sentiment has continued to be weak, with buyers in the foundry segment reluctant to conclude fresh bookings.
The trader said most buyers lack optimism in view of low growth in the manufacturing sector and so they have preferred to wait and watch.
Large pig iron producers have been pushing volumes into the domestic market as no export tenders had been reported from any of the producers in the last two months, he added.
At the same time, buyers have been waiting for the new government to announce some measures to boost the manufacturing sector before concluding transactions, the trader said.
Market sources said that local pig iron prices will continue to move sideways in the short and medium term since even government initiatives to boost demand will only change the fundamentals of the pig iron consuming sectors in the long term.