Pig Iron prices in India show some downward trend on weak demand. Most of the manufacturers cut production on high input cost. Buying volumes is low as scrap is being preffered over Pig Iron.
Steel Grade prices fall in line with that of Ingot in Mandi Gobindgarh and offers in Foundry Grade increase on shortage of the material. Some of the big plants remain shut.
It is unexpected that Indian market should show some improvement anytime soon as scrap is available at cheaper prices, rupee is weak, buying in finished products is not picking up and monsoon hits most of the regions in the country.
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