Pig Iron Prices Remain Consistent in Week 28

Pig iron prices remain stable for the third consecutive week.

Indian Pig iron prices remained consistent for the third consecutive week. Pig iron offers continue to hover in the range of INR 17,000-18,800/MT, ex-plants.

Manufacturers at Durgapur are keeping offers for steel grade Pig iron at INR 17,000-17,200/MT, ex-works. Whereas, a Raigarh based plant is offering at INR 18,000/MT and Raipur at INR 18,700-800/MT.

What is supporting Pig iron prices?

The resumption in production activity of ingot/billet to its fullest, which had slowdown due to electricity shortage in major markets is supporting Pig iron at present.
Cost benefit on Pig iron over scrap and slowdown in (scrap) import due to lack of clarification in market on new pre-inspection shipment norms have encouraged Pig iron demand in the country.

Bulk quantities of Pig iron from Odisha and Bengal are heard to have sold in major markets in Maharashtra, Punjab and other parts of India consuming scrap due to its price-effectiveness. Currently, Pig iron at Odisha with Si 1.25% are available at around INR 17,000-17,500/MT, ex-plant whereas imported shredded scrap at USD 275-280/MT (INR 17,500-18,000), CFR India. (USD 1= INR 63.58 as on 8 Jul’15).

Steel Grade Pig Iron Prices as on 08 July’15

Source: SteelMint Research