Decline in global scrap prices and softening demand in Indian domestic market have resulted in downwards movement in Indian pig iron export prices.
Global scrap prices have weakened sharply last week. Price of US origin imported HMS (80:20) scrap in Turkey moved down by around USD 10-15/MT W-o-W to USD 354/MT, CFR.
Following decline in global scrap offers, price assessment for Indian pig iron export has also fallen.
Current assessment for export of Indian origin steel grade pig iron stands at around USD 385/MT, FoB India. This is lower by USD 10-15 against SteelMint’s previous assessment which was around USD 395-400/MT, FoB India.
In central and eastern India, domestic pig iron prices reported correction of about INR 200-500/MT last week amid subdued demand. Price of steel grade pig iron in Durgapur was reported at INR 26,200-26,600/MT.
Pig iron export offers from CIS nations is heard around USD 370/MT, FoB Black Sea. However trades remained limited as buyers have adopted ‘wait and watch’ approach.
Pig iron export offers from Brazil inched up by USD 5/MT in recent trades. Price assessment now stands at USD 370-375/MT, FoB Brazil.
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