Indian Foundry Pig Iron Market Updates: Week 40

Indian foundry grade Pig iron market experienced mixed sentiments in week 40.

Tata Metaliks, India’s largest foundry grade Pig iron manufacturer has kept its offers unchanged. Pig iron with silicon content more than 2% is being offered at INR 23,000/MT (excluding excise of 12.5%) on ex-works basis. On the other hand, secondary manufacturers have cut their offers to INR 21,800-22,200/MT, ex-works.

Offers at most active foundry grade market of India, Ludhiana, fell by INR 400-500/MT. Here, offers by Sesa and Sona Alloys were heard in the range of INR 24,500-24,600/MT (FOR price, including excise duty of 12.5%). Whereas, Tata Metaliks was heard to have sold bulk quantity at INR 25,000/MT (FOR price, including excise of 12.5%) 15 days back, which turns out to be INR 20,500/MT on ex-works basis.

Over all demand for foundry grade remains weak owing to falling scrap prices in global market.

Meanwhile, prices at western foundry clusters like Kolhapur are at INR 24,500/MT (FOR price, excluding excise duty of 12.5%, VAT extra)

Southern markets also remained dull with foundry grade offers at Koppal at INR 24,500-25,000/MT (ex-plant) and Coimbatore at INR 24,500/MT (FOR price, excluding excise duty at 12.5%, VAT extra).

Foundry Grade Prices as on 30 Sep’15

Source: SteelMint Research