Prices of raw materials and steels traded at a premium to their global counterparts,encouraging domestic buyers to opt for imports. Scrap, and pig iron, procured at comparatively lower prices from overseas, helped to reduce induction furnace mills’ production costs, which, in turn, failed to support billet prices. BigMint data points to around 100,000 tonnes of pig iron bookings last month from Russia (60,000 t) and Indonesia (40,000 t). In May, 60,000t arrived from Russia while April saw no imports. Imported pig iron prices in May hovered lower at $452/t CNF compared to the domestic material’s INR 43,600/t ($522/t) from Durgapur. Overall, domestic pig iron prices in May had risen 5% m-o-m. In scrap, import volumes rose over 12% m-o-m in May. Deals were sealed at around INR 35,812/t ($429/t) levels compared to the domestic INR 36,740/t ($440/t).
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