Indian domestic pig iron prices have showed little change during the past week, remaining at INR 17,500/mt ($286/mt) ex-works, amid low transaction volumes and weak demand, traders said on Wednesday, October 30.
According to a Kolkata-based trader, while demand in the foundry sector has continued to be low, traders and users have refrained from concluding fresh bookings and are keeping inventories low in view of the festival weekend ahead and the closure of financial books in several regions.
Market sentiments have also been depressed by the absence of any reports of successful export tenders being concluded, sources said.
Sources said that large producers like Rashtriya Ispat Nigam Limited (RINL) located in the southern Indian province of Andhra Pradesh and Neelachal Ispat Nigam Limited (NINL) have been facing adverse weather conditions over the past week and this is expected to affect their shipments, which could impact market supplies next month.