Pig iron markets in India have met with weak demand, which have not allowed prices to move up in the beginning of May.
High cost of production due to expensive and low quality iron ore, available in limited quantities through e-auctions, falling prices of semi finished and finished steel products and low demand from automobile industry, has hit sales.
Pig iron (steel) prices are at Rs 22,500-23,200/MT (ex works Odisha).
In West Bengal, Pig iron (steel) is being offered on discount of Rs 200/MT for 5,000 tons purchases. Whereas, shortage of foundry grade material still exists.
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