Vedanta Resources, India’s one of the major merchant pig iron producers has concluded a tender for one rake (around 2,200 t) of foundry grade pig iron at around INR 40,100-200/t exw (equivalent to INR 43,600-800/t FoR Punjab). With the conclusion of this tender, spot price of foundry grade pig iron in Punjab (Ludhiana) fell by INR 200/t to INR 44,500/t FoR. The major pig iron producers in Indian market are mostly packed with export orders, hence prices continue to remain volatile in Indian market despite a drop in Induction furnaces (Ingot/Billet) production due to lockdown & supply shortage of Oxygen.
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