Indian mill concludes pig iron export deal for China

One of the major pig iron producers and suppliers in India, has recently concluded an export tender for around 30,000-40,000 t for May’21 shipment, SteelMint learnt from trade sources. The deal was heard to have concluded around $530-535/t FoB India levels (equivalent to $560-565/t CFR China). Indian pig iron exports to China are expected to turn active in the near term after recent announcement by Chinese govt to slash import tariffs on pig iron to 0%, effective from 01 May’21. On the other side, domestic pig iron prices in India have inched down amid lockdown. SteelMint’s assessment for steel grade stood at INR 38,200/t ($515) exw Durgapur, down by INR 300/t w-o-w.