A major foundry grade pig iron producer in western India has floated a tender for a rake today for the Punjab/Delhi region, as per SteelMint reports. Market participants informed that there was no participation in the tender, as the reserve price stood high at around INR 40,000/t exw. The landed cost in the northern region would be around INR 43,800-44,000/t, while current offers for second sale (through traders) are recorded at INR 43,400-43,500/t for Ludhiana and at INR 44,500-44,700/t for Delhi on a delivered basis (including local freight costs).
Amidst falling export realisations stockists are expecting Indian pig iron prices to remain under pressure; hence they are cautious in taking positions on prevailing offers, SteelMint notes.
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