Indian producers of basic pig iron (BPI) have decided to follow the trend seen in the billet and scrap markets, though any current price increases are more supply-related rather than reflecting any positive changes in demand. Specifically, following the recent price revision, BPI offers in the domestic market in the eastern region of India have risen by INR 1,000/mt ($12/mt) compared to the previous levels to INR 41,500/mt ($502/mt), while in the western regions BPI offers have increased to INR 40,500mt ($489/mt) ex-works, up INR 1,500-2,500/mt ($18-30/mt) within the past week.
Meanwhile, in the export segment, a major Indian BPI mill has succeeded in selling to the US market this week. While the supplier has preferred not to disclose the details related to the deal in question, market players have actively discussed the price at $450/mt FOB, which is in line with the initial targets of the mill, though being high for US customers, even in the case of the lowest freight rate from India to the US at $40/mt (relevant for shipment of 50,000 mt cargoes).