India: Pig Iron Prices in a Firm Position

Pig iron manufacturers are currently avoiding any alteration in prices.

Financial Year ending is likely to create pressure on Pig iron prices. The manufacturers are trying to clear their stocks.

Major Pig iron player like NINL & RSP are offering the Basic grade Pig iron at discounts and at cheaper prices than the market.

A market participant at Bokaro speculated, “Market could correct in a short term as the buying interest does not comes out to be cheerful despite lucrative offers in the market. Correction in prices by one or two major manufacturers could create pressure on prices of other manufacturers.”

Currently, the manufacturers at Bokaro have kept their offers unchanged at INR 23,500/MT (basic).

A manufacturer at Hyderabad shared that the market is witnessing poor demand, with most of the needs of the state being met by the Vizag steel at a good price of INR 24,250/MT (basic). Telgana issue is also deceiving the market to certain extent. Manufacturers at Hyderabad are offering Pig iron (steel grade) at around INR 25,500/MT (basic).

Currently, the source manufacturer is not taking orders for Foundry grade, but their last offers were at INR 28,000/MT (basic).

Market at Durgapur is quite volatile. With a sharp decline in Ingot prices, the Pig iron market is been disturb to a great extend. Buyers are presently hesitating to take any fresh position.

Current prices offered here in the market can’t be considered as a concrete price.

 Current Pig iron prices in various cities of India

Basic prices at INR/MT; Cuttack* – NINL prices
Durgapur*- Tata metaliks prices; Ludhiana- VAT extra