The recent uptrend in the local Indian
pig iron market proved to be short-lived, with prices weakening by INR 100/mt during the past week to INR 21,700/mt ($325/mt) ex-works, but the outlook has remained positive amid improved transaction volumes and export shipments, traders said on Wednesday, March 8.
"The rising trend of domestic
pig iron prices in
India seen early in the month has not been sustained, but at the same time downside room will remain limited. Transaction volumes have improved even as prices have edged lower and positive expectations for exports have contributed to the positive outlook," a Kolkata-based trader said.
"Going forward, I would expect prices to remain stable as export shipments ensure tighter supplies and support for local prices," the trader added.
According to market sources, during the past week trading firm MMTC Limited has successfully concluded an export transaction for 30,000 mt of
pig iron, with market reports indicating a price at around $312/mt FOB which the sources said was higher than market expectations.
At the same time, Rashtriya Ispat Nigam Limited was also successful in concluding an export transaction for 25,000 mt of
pig iron. Although the transaction price for this shipment is not available, market sources said that it was higher than the expected $300/mt FOB mark.
$1 = INR 66.71