Prices in the local pig iron market have remained unchanged during the past week at INR 30,000/mt ($410/mt) ex-works, with most producers focusing on domestic sales, while market intermediaries in some regional markets have discontinued their discounts, traders said on Wednesday, October 4.
“The downward trend seen in the local pig iron market, last month, seems to have been checked but there has been little fresh support to drive prices during the week with several producers like Steel Authority of India Limited (SAIL) preferring auction sales over negotiated sales in order to maximize earnings in the absence of any short-term rise in prices,” a Kolkata-based trader said.
“With no export tenders floated during the week, market sentiments are depressed over the lack of overseas shipments,” the trader added.
Market sources said that the discounts on offer of around INR 200/mt to INR 29,800/mt ($409/mt) seen a week ago in select regional market have also been withdrawn with dealers unwilling to push volumes by means of discounts now that the downtrend has been checked, at least in the short term.
$1 = INR 73.25