India: NMDC pig iron auction sees improved bookings, but buyers remain cautious

• Stable prices amid selective buying
• Improved booking, but demand remains measured

In NMDC’s pig iron auction held on 3 October, 2,000 t out of the 3,000 t scheduled quantity was booked at INR 41,500/t ex-works. The price remained unchanged from the previous auction held on 1 October, when 1,300 t of the 5,000 t offered quantity was booked at the same base price.

Cost support meets cautious procurement
Higher finished-steel prices and firm raw material costs provided some support to the current price level, encouraging select buyers to participate. However, limited immediate requirements and a cautious procurement approach appear to have restricted broader participation. Buyers largely remained focused on need-based purchases rather than building inventory, resulting in partial absorption of the offered quantity.

Auction signals stable price sentiment
The improved booking ratio compared with the previous auction indicates relatively better acceptance of the current price, although demand remains selective. With buyers showing limited urgency and prices holding steady, the auction points to a balanced market where cost-side support is offsetting cautious downstream procurement.