A couple of mills from western & eastern India have concluded a total of around 5,300 t (2 rakes) foundry grade pig iron auction at a strong price range of about INR 41,000-41,300/t FoR Ludhiana. Following this, the spot prices of foundry grade pig iron rose by INR 1,300/t to INR 41,200-500/t FoR Ludhiana. Rising scrap prices globally along with supply shortage of pig iron is resulting in a significant surge in price range. It is reliably learnt that one of Vedanta’s blast furnaces will be on maintenance till Jan’21, which is resulting in a monthly production loss of around 40,000 t.
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