Tata Metaliks had floated a tender for one rake (around 2,200 t) of foundry grade pig iron today. The tender received slightly lower bids at around INR 43,000/t, while a tender floated on 30 Jul’21 had received bids at around INR 43,500/t, FoR Phillaur siding in Punjab, sources informed SteelMint.
- On 3 Aug, the company had raised prices for basic grade pig iron by INR 900/t and foundry grade prices by INR 1,100/t for the Kolkata and Howrah markets.
- After a sustained rise (since mid-Jul), pig iron prices at major locations in central and eastern India had declined marginally by INR 200-500/t w-o-w, given lack of buying interest.
- Prices are unlikely to drop further as supply by state-owned mills remains limited along with a recent export deal concluded by a western India-based merchant pig iron producer.
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