On September 4, SteelOrbis reported that basic steelmaking pig iron prices in the northern region were also firming up in correlation with prices on the central and eastern Indian regions, although with offer prices trending higher than the central and eastern Indian regions. In the northern region of India in the state of Punjab, near the Pakistan border, SteelOrbis reported basic steelmaking pig iron at INR 31,800-32,100/mt ($445-449/mt) ex-works Ludhiana.
Sources inform SteelOrbis that prices have now increased to INR 32,500-32,700/mt ($447-450/mt) ex-works Ludhiana. While prices increased INR 600-700/mt, due to the devaluation of the INR against the dollar, prices only increased $2/mt from the bottom of the previous range and $1/mt from the top of the same range.
USD = INR 71.49 (Sep 4)
USD = INR 72.73 (Sep 18)