India: Tata Metaliks’ pig iron sales drop over 20%, y-o-y, in Q1FY’23

Tata Metaliks posted a 23% drop in pig iron sales in Apr-Jun’22 (Q1FY’23), while the company’s ductile iron (DI) pipe sales fell 8% on the year during the same period. Pig iron prices fell sharply post imposition of 15% export duty. Sharp drop in prices dented profitability and production fell even as costs soared due to maintenance shutdowns and operational issues in one of the blast furnaces in Apr-May.