After the Supreme Court’s judgment on Friday for mining ban in Odisha , Pig iron market in Durgapur & Giridih have witnessed steep rise in prices.
Steel grade Pig iron price in Durgapur has spiked by INR 1,500/MT to INR 26,000/MT (basic price), however no order has been heard at these prices.
A trader based at Durgapur shared, “Even the previous prices were difficult for market to accept, due to slow steel demand. Let us wait & watch how long these new prices will stay in the market.”
Bengal market does not have any offers for Foundry grade except of Tata Metalliks; maintaining at same level of INR 28,000/MT (basic). Tata Metalliks has maintained these prices from last 4 months. Market is expecting new price after this interim decision of the Supreme Court.
On the other hand in Giridih, Pig iron price rallied up by INR 2,600/MT in 3 days and is currently offered at INR 26,500/MT (basic). Before the judgment, Giridih offered Steel grade at INR 23,900/MT. On Friday, it increased its offers to INR 25,500/MT. Experiencing good demand at this level, today morning manufacturers of Giridih have offered new prices to the market at INR 26,500/MT (basic) anticipating for the acceptance of prices.
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