According to the Industry participants Indian pig iron prices may report rise in the coming days. They claimed that increase in exports by India’s large producers influenced a positive trend in Indian pig iron market.
They further mentioned that sharp hike in semis & scrap prices are another major plus points which are likely to support pig iron market in days to come. Since couple of weeks, Indian semis prices rose up to INR 2,500/MT (USD 38).
A close source of NINL pricing added “NINL will review price on Monday (27 Feb’17). Its expected to increase price by INR 300-500/MT considered export and increase in domestic price”.
Increase in Exports
Since Feb’17, India’s large producers based in East, South & Western India have concluded more number of export deals with the total quantity of approximately 1,00,000 MT.
During the month, the MMTC on behalf of NINL has concluded couple of export deals of total quantity around 60,000 MT.
Similarly, Vizag Steel has also concluded an export tender of 20,000/MT at the price of USD 297-298 FoB. Vedanta Sterlite a West India based manufacturer also heard to have settled couple of export deals for UAE.
Moreover, the manufacturer’s fresh tenders of approx 55,000 MT also are in line which is likely to be settled in coming weeks.
Rising Chinese steel global scrap prices have made Indian pig iron exports to gain momentum. Global scrap prices have gone up due to strong buying from Turkey where scrap prices have moved up by USD 15/MT M-o-M.
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