Pig iron shortage and rise in demand moved prices up all across India.
Indian Pig iron market this week has witnessed a price rise of around INR 200-500/MT across all major markets. Improved demand of steel, coupled with short supply of Pig iron, rallied the offers.
According to participants, “Production fall in few major plants based in eastern belts led to short-supply in market. Hence, buyers are ready to purchase even at increased levels.”
Recently NINL, a primary manufacture, has raised its Pig iron offers by INR 600/MT. It is reported that despite higher offers, the company is receiving a decent response from buyers.
Outlook
The price rally seems a short term matter, as failure in export tenders (stock piles) and fall in iron ore & coal prices may put pressure on offers in coming days.
Steel grade Pig iron offers as on week 37
| Particular/Delivery | Prices in INR/MT | W-o-W Change |
| Ex-Cuttack | 17,000 | + 600 |
| Ex-Durgapur | 18,100 | + 100 |
| Ex-Hyderabad | 18,800 | + 300 |
| Ex-Jharsuguda | 17,300 | + 300 |
| Ex-Ludhiana | 22,500 | + 700 |
| Ex-Raigarh | 18,100-200 | + 400 |
| Ex-Raipur | 18,700 | + 200 |
| Ex-Vizag | 17,300 | 0 |
Source: SteelMint Research
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