Aiming to take every advantage from the upbeat mood in the global market, Indian producers of basic pig iron (BPI) have decided to raise their local prices further. Accordingly, this week BPI offers in the domestic market in the eastern region of India have increased to INR 44,000/mt ($532/mt) from their previous level of INR 41,500/mt ($502/mt) ex-works, while in the western regions BPI offers have settled at INR 42,500/mt ($513/mt) ex-works, up INR 2,000/mt ($24/mt) from the previous levels. “With scrap availability having become less recently and scrap prices having reached INR 43,000-44,000/mt ex-works, the major Indian buyers prefer to buy pig iron rather than local scrap,” an Indian trader stated.
Meanwhile, information about ongoing negotiations for booking import BPI to India has been circulating in the market this week. Reportedly, a 42,000 mt cargo of ex-Ukraine BPI with shipment from Romania is expected to be booked by an Indian steelmaker, though this information has not been confirmed by the time of publication.