Indian Mill Concludes 50,000 Pig Iron Export Parcel to China – Sources

Indian mill heard to have concluded a bulk parcel of 50,000 MT granulated pig iron (GPI) last week to China at around USD 340-350/MT FOB India east coast, SteelMint learnt from market sources.

Chinese import pig iron market is exploring to fill the widening gap between domestic and imported pig iron prices.

Higher cost of raw material like imported iron ore and coal coupled with production restrictions by Chinese govt is compelling local mills to explore possibility of importing metallic and semis.

Chinese re-rollers is also importing billet from middle east countries on disparity between domestic and imported prices. According to market sources over 2,50,000MT billet has been booked by Chinese re-rollers in last one month at an average price of USD 440-450/MT CFR China.