Local Indian pig iron prices have remained stable during the past week at INR 28,300/mt ($407/mt) ex-works, supported by strong restocking by dealers and the revival of export shipments, traders said on Wednesday, May 8.
Market sources said that leading producers like Neelachal Ispat Nigam Limited (NINL) and Steel Authority of India Limited (SAIL) despite increasing base prices earlier in the week have been able to sell large volumes, with NINL receiving total bookings of 30,000 mt during the past week and SAIL successfully pushing an estimated volume of 40,000 mt on spot sales basis.
The sources said that trading firm MMTC Limited has also concluded an export tender of 30,000 mt during the past week, which has boosted market sentiment.
According to market sources, SAIL’s auction sales also received a strong response and successful bidders were able to secure material at a premium of 20-25 percent above the reserve price although the producer did not disclose the total volume that was put up for auction sales during the past week.
$1 = INR 69.52