Indian
pig iron prices have showed divergent trends across various local markets in the country, remaining unchanged during the past week in the eastern region at around INR 18,500/mt ($305/mt) ex-works, but gaining around INR 500/mt ($8/mt) to about INR 19,000/mt ($313/mt) in northern parts of the country, traders said on Thursday, April 17.
According to a Kolkata-based trader, volumes and prices in eastern
India have remained flat largely owing to the poor order book position of foundries and hence the latter have been cautious about making fresh bookings.
However, in contrast, sentiments among foundries in the northern Indian market have improved during the past week and local
pig iron prices around the major trading center at Mandi Govindgarh in Punjab have showed gains with users building up inventories, the trader added.
Market sources said that the divergent trends indicate that buyers across the country are still cautious and are not sure of medium-term demand emerging after the national elections currently underway.
The differing price trend across the country indicates that the northern Indian market is more confident than the eastern market of a stable government emerging after the elections, which would provide a boost for the economy, the sources said.