Foundry grade Pig iron makers foresee a dull market in May as consumption level has come down drastically due to scrap and steel grade material, available at cheaper rates.
Iron ore lumps available in Karnataka in e-auctions is both low grade and expensive.
The supply (high) and demand (low) gap of foundry grade material is widening and market is not accepting prices quoted by manufacturers.
It is not feasible to pull down offers further, which would ultimately hurt the cost of production.
In Koppal (Karnataka), prices are standing in the range of Rs 28,700-29,250/MT (ex works).
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