Global pig iron market continued to remain up with bullish sentiments observing hike in offers.
Pig iron prices in global market observed hike in prices amid hike in scrap prices.
Brazil pig iron export offers which were hovering at USD 340/MT, FoB last week witnessed increase of USD 10/MT W-o-W. This week the assessment stood at USD 350/MT, FoB.
However Indian pig iron export market continued to remain quiet this week with no major deals getting concluded. However SteelMint’s assessment for steel grade pig iron stands at USD 340/MT, FoB India.
Indian pig iron exporters continue to wait for NINL’s pig iron export tender which is due on 16 Aug’17. MMTC on behalf of NINL had floated a tender for export of 30,000 MT non alloy pig iron for which the shipment is scheduled on 25 Aug’17-5 Sept’17. Company’s last tender held in July was concluded at USD 312-313/MT, FoB India.
However amid increasing global prices, market participants are hopeful that the tender is likely to fetch higher bids.
Domestic Pig iron prices in India also moved up this week owing to less supply and rising coking coal and scrap prices.
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