Indian domestic pig iron prices have remained stable during the past week at around INR 18,600/mt ($290/mt) ex-works amid subdued market conditions, local traders have said.
According to a Kolkata-based trader, sentiments in the local pig iron market have remained weak against a background of low volumes and the lack of any significant change in demand from foundries which have been struggling due to low off-take of finished products.
None of the large producers have indicated any pending export offers and this has depressed market sentiments further, with traders who have already been hit by oversupply and high inventories reducing any large bookings during the week, the trader added.
Market sources said traders have been forced to offer discounts to reduce their inventories particularly to foundries in eastern and central India.
Pig iron discounts are around INR 200/mt ($3/mt) for offerings to foundries in central India, though they are higher at around INR 400/mt ($6/mt) in eastern Indian markets where foundries have been in a worse situation facing a sharper fall in demand for finished intermediate products, the sources added.