Prices in the local Indian pig iron market have remained stable during the past week at INR 29,200/mt ($426/mt) ex-works, even amid over-production and the bearish outlook triggering discounting in certain regions, traders said on Wednesday, July 4.
Market sources said that in select markets pig iron prices ranged at around INR 28,800/mt ($420/mt) net of discounts as dealers were trying to push volumes aggressively to cut down on inventories.
Even though several producers refloated export tenders which were cancelled last month owing to a poor response from overseas buyers, possibilities of export shipments materializing will not be sufficient to take care of over-production of pig iron, the sources said, citing the example of Neelachal Ispat Nigam Limited (NINL) which recorded its highest-ever monthly production of pig iron in June this year.
Making new attempts to push export volumes, government trading firm MMTC Limited floated a new export tender for 40,000 mt on behalf of NINL, while Rashtriya Ispat Nigam Limited (RINL) invited bids for 25,000 mt from overseas buyers, market sources said.
$1 = INR 68.75