Indian domestic pig iron prices have remained stable during the past week at INR 18,600/mt ($285/mt) ex-works amidst lackluster market conditions and negligible buying interest, traders said on Monday September 9.
According to two Kolkata-based traders, base pig iron prices have lost significance in the local markets since traders have been even pushing small volumes at discounts, which are "arbitrary and aimed only at reducing inventories", in a wide range of $10-20/mt across central and eastern Indian markets.
Market sources said there have been no reports during the past week of any export tenders pending or proposed to be floated by any of the large producers, and this has depressed sentiments in the market which has already been reeling from heavy oversupply and stocks at producers and traders.