Indian domestic Pig iron Offers up by INR 250-500/MT

Pig iron prices experience a steady rise of INR 250-500/MT in some major markets.

After a long subdued in Pig iron market, demand has seen little improvement in some major market. RINL, a state owned Pig iron company, has improved its offers by INR 250/MT to INR 23,750/MT for this month, trying to provide positive direction to the market.

NINL and RINL have even received fair export bids of USD 372-377/ MT FoB, which is supporting them to lift domestic prices.

Market participants believe that demand is coming up in the market coupled with uncertainties in the Supreme Court’s pending interim order on Iron ore mining ban in Odisha. This is affecting Pig iron prices. In case, order turns to be negative for mining industry, Pig iron offers may shoot up.

On the other hand, a manufacturer based at Raigarh shared, “We have raised our offers observing the improved demand, but need to see for how long the market accepts these prices.” 

Raigarh is currently offering Steel grade at INR 25,300/MT, escalating prices by INR400-500/MT. Similarly prices of Steel grade in Raipur and Cuttack moved up by INR 300/MT and INR 250/MT to INR 25,800/MT and INR 23,500/MT respectively.

Koppal manufacturers continue to offer Foundry grade at INR 28,125/MT (basic).

Steel Grade Prices of Major Pig Iron Market move up

Basic prices in INR/MT