Steel grade pig iron prices in eastern region have increased by INR 400-700/MT (USD 4-10) in a week’s duration on account of short supply, SteelMint learned from participants.
Sources cited that, since a week time couple of plants are closed in Jharkhand & Odisha which has caused a temporary shortage of pig iron in merchant market.
“Pig iron arriving from outside state is delayed, also the dispatches are pending from regular local suppliers. Hence on immediate delivery, furnaces are paying higher” one of the merchant pig iron manufacturers in Durgapur, eastern India stated.
The fresh deals of steel grade pig iron in Durgapur are learned at INR 24,400-24,500/MT which was last week reported at INR 23,800-24,000/MT, ex-plant.
Similarly in Jharkhand, where fresh deals total of around 1,000 MT steel grade pig iron have reported at INR 23,800-24,000/MT ex-plant. Meanwhile during last week the trades learned at INR 23,300-23,500/MT ex-plant.
Following surge in offers in eastern region, the traders in northern India also raised offers and recent deals were reported for small parcels at INR 26,300-26,500/MT for steel grade & INR 29,000-29,200/MT for foundry grade, FoR Ludhiana (excluding GST).
However in central India, Raipur & Raigarh steel grade pig iron prices remained firm amidst average supply-demand and fresh deals reported at similar to last week at INR 24,200-24,300/MT on FoR basis & excluding GST.
Leave a Reply