Indian domestic pig iron prices have remained unchanged during the past week at around INR 18,500/mt ($296/mt) ex-works against a backdrop of improved sentiments and hopes for a revival in export markets, traders said on Tuesday, October 1.
According to a Kolkata-based trader, although base prices have been kept unchanged, traders have pulled back their discounts anticipating the easing of supply pressures and also anticipating overseas shipments.
Market sources have said that last week Neelachal Ispat Nigam Limited (NINL), one of the domestic largest producers, opened an export tender for 60,000 mt for late October shipment. Reports in the market have also indicated that Rashtriya Ispat Nigam Limited (RINL) is expected to offer two volumes of 40,000 mt and 30,000 mt for late October and November shipments during next week, the sources said.
The markets are expecting export shipments to be realized at around INR 300-400/mt ($5-6/mt) higher than current local prices and, if deals are concluded at such levels, it would set a medium-term trend for the domestic market reeling from oversupply, the sources added.