Local Indian pig iron prices have remained stable during the past week at INR 21,900/mt ($335/mt) ex-works on sustained prices of billets and fresh bookings for foundry grade, traders said on Wednesday, March 22.
"Pig iron prices are holding steady as several of large producers are consuming it for their own billet conversion. Coupled with buoyant mood over exports, pig iron supplies to dealers have remained tight and provided support to prices," a Kolkata-based trader said.
"Demand from foundries has also remained strong as several foundries were seen to be re-stocking. Foundries are reporting tepid demand for castings and forgings but they still have to replenish their raw material stocks," the trader added.
Market sources said that there is considerable optimism on exports with trading firm MMTC Limited concluding an overseas shipment of 30,000 mt of pig iron during the past week with reports indicating that transaction price was around $315/mt, higher than market expectations.
$1 = INR 65.42