Indian Pig Iron Prices Increase, Supported By Surge In Steel Prices

Pig iron prices in the Indian domestic market recovered due to a surge in steel prices on account of active demand.

Following the surge in steel prices, the pig iron producers in the central and eastern regions have raised their offers by Rs 500-1,000/ton in a week duration.

Today, producers in Durgapur have floated steel-grade pig iron offers at Rs 40,500-41,000/ton, and a few deals reported at around Rs 40,500-40,800/ton ex-plant, as per officials.

As per them, demand improved from three-four days with a rally in steel prices, however, they are assuming that prices should find stability as with continued hikes demand generally slows down.

Similarly, the suppliers in the northern region reported active demand, and deals for the foundry grade pig iron were reported nearly Rs 45,000-45,200/ton in Ludhiana (Punjab) and Rs 46,000-46,200/ton in Delhi, both on a delivered basis (including local freight charges).

The participants in Punjab and Ludhiana reported that the supply of pig iron improved as Welspun has also started selling material there at competitive prices. As per them, the prices are surging slowly on account of competition to sell material by three-four major plants.

Inline in the central region – Raipur and Raigarh, offers for the steel grade pig iron through the reseller assessed at Rs 40,800-41,000/ton on a delivered basis. The resellers are procuring material largely from Odisha (eastern India), sources informed.

Also Read:- Active Finished Steel Sales And Optimistic Trends Lift Indian Steel Prices To Record High