India: Pig Iron Exports at 142,740 MT in FY17 (Apr-Dec’16)

Indian bulk pig iron exports were registered at 142,740 MT in FY17 during Apr-Dec’16. Indian Pig iron exports have registered a decrease of 39% Y-o-Y as 234,400 MT pig iron was exports during the same period last year.

MMTC-India’s largest trading house turned out to be the largest exporter of Pig iron followed by Vedanta & SAIL.

In Dec’16, bulk pig iron export shipments rose owing to improved demand from global buyers. India exported 46,790 MT in Dec’16 against nil exports in Nov’16.

Two shipments of MMTC were recorded in December, out of which one shipment had been made to Thailand and another one to Bangladesh. The shipment made to Thailand was concluded at USD 280/MT and for Bangladesh at USD 276.4/MT, FoB Indian east Coast.

3 reasons why Indian Pig iron Exports Increase in Dec’16?

1. Improved demand from global buyers: Sudden upsurge in coking coal prices have led the global pig iron market to remain on higher side. CIS nations Pig iron export offer have crossed the USD 300/MT mark, FoB Black Sea which was positive sign for Indian Pig iron manufacturers.

2. Less domestic demand due to demonetization: Demonetization has impacted domestic demand due to poor sales. This enabled Pig iron manufacturers to look for export opportunities.

3. Rupee depreciation: Depreciation of Indian rupee against US dollar remained a positive sentiment for Indian Pig iron exporters. The value to dollar against rupee is good which have provided support to Indian exporters.

Indian Pig Iron Bulk Shipment in FY17 (till Dec’16)

Source: SteelMint Stats, Custom
Provisional Data