Pig iron producers across most of the Indian markets have made no revision in prices this week.
West Bengal:
One of the major producers has maintained its Foundry grade Pig iron price level for the last four months at Rs 27,400/MT and been unable to lift them as demand has not been encouraging.
In the first week of February, it lowered prices by Rs 700/MT due to competitive market (in terms of quality and pricing), weak buying and high stock position then, from two of its blast furnaces.
It is heard that the company has not produced Basic grade material in the last one month and there is low chance they will resume anytime soon.
Other manufacturers are offering Basic grade material cheaper by Rs 200-300/MT at Rs 23,800-24,000/MT as demand is not picking up. Whereas, sales of Foundry grade material is on hold looking at poor profit margins. Hence, supply continues to be quite low.
Chhattisgarh, Maharashtra, Jharkhand and South India: Offers constant at last week's level as there has not been much of movement in market.
Odisha:
Basic grade Pig iron prices have gone up by Rs 300/MT to Rs 24,000/MT (Ex works) at Rourkela as low supply from the major state owned producers have supported price rise. While, other producers have not made any changes (trading at Rs 23,000-23,200/MT).
Foundry grade material offers stable at Rs 24,500/MT. Bookings remain close at Jharsuguda.
In the weeks ahead, there is almost no chance that the offers will come down and are anticipated to remain firm as there is no big change in demand.
Indian Pig iron index unchanged at Rs 22,850/MT W-o-W (Ex Cuttack basis).
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