Eastern India: Pig iron offers hit 20-months high on supply tightness

Steel grade pig iron offers in eastern India (Durgapur) hit 20-months high and are currently seen at INR 29,000-29,500/t exw. Also, in Raipur prices are hovering at over 8-months high and are assessed at INR 29,200-500/t exw. Supply shortage along with rise in sponge/billet & scrap prices, have strengthened pig iron prices, SteelMint learned from sources. Prices are less likely to fall in the short term owing to sufficient orders with producers & high cost of substitutes.