Rising scrap prices in US might give some support to Indian pig iron prices said industry sources.
“US scrap prices have shot up by $40-70/t in last few days, scrap exporters will certainly raise offers to Indian steel mills in coming weeks. This might force domestic steel mills to switch to pig iron and will give some support to prices as well.”said an executive at one of the pig iron manufacturing plant on west coast.
Currently pig iron offers hover in the range of $430-450/t ex works, we will not be surprised if it goes up to $450-480/t Ex works, he further added.
Only constrain is higher power costs which might offset demand.
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