The local Indian pig iron market has resumed its stable movement, with prices remaining unchanged week on week at INR 22,500/mt ($346/mt) ex-works amid scarce market activity, traders said on Wednesday, October 25.
“After five consecutive weeks of downward movement, the pig iron market is seen to be taking a pause, with prices moving sideways. But with no significant change in the negative outlook, I do not think that prices have bottomed out yet,” a Kolkata-based trader said.
“Most medium and small scale foundries are out of the market, showing no inclination to restock pig iron. At the same time, billet prices have increased by less than one percent over the past two weeks, resulting in stagnating demand for steel grade pig iron,” the trader added.
Market sources said that there have been no reports of any export tender floated by large producers during the past week, reflecting ongoing bearish sentiment regarding opportunities for exports.
$1 = INR 65.02