Eastern India based TATA Metaliks Ltd (TML) has concluded a tender for a rake of foundry grade pig iron at around INR 41,600/t FoR Punjab. The prices rose sharply in today’s tender compared to the previous one held during the first week of Feb’21, which settled at around INR 35,500/t FoR Punjab. Pig iron prices in the Indian market are climbing on account of a supply shortage as the major producers in Western & Eastern India are packed with export orders, resulting in a supply shortage in domestic market. Meanwhile, the spot trade price of foundry grade pig iron in Punjab rose by INR 1,500-1,700/t, d-o-d, to INR 44,000/t FoR Ludhiana.
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