Prices in the local Indian pig iron market have decreased by INR 200/mt ($3/mt) over the past week to INR 22,800/mt ($335/mt) ex-works, triggered by buyers reducing their transaction volumes, traders said on Wednesday, January 18.
“The declines in local pig iron prices have happened largely because prices moved up too fast in early January when they increased by $33/mt, prompting dealers to reduce their transaction activity” a Kolkata-based trader said.
“However, the fall in prices seems to me to be just a blip. Supplies from large producers will continue to be tight as most of them have maintained their focus on exports,” the trader added
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Market sources said that trading firm MMTC Limited has floated a new export tender for 30,000 mt during the past week, while Rashtriya Ispat Nigam Limited has also offered 20,000 mt for the overseas markets.
$1 = INR 67.96