Pig Iron Prices In India Fluctuate With Billet Prices
The pig iron market reacts to the billet price movements and this causes the pig iron prices to remain volatile. Rising raw material (iron ore and coking coal) prices have pushed pig iron producers to keep prices strong. Domestic pig iron prices in India have changed by Rs 300-500/ ton in the one past week due to the fluctuation of steel billet prices.
Current Offers
Mills in Durgapur are offering steel-grade pig iron in the range of Rs 44,500-44,800/ton ex-works, while in Raipur the same material is traded at around Rs 43,600-43,800/ton.
In north India, the traders in Ludhiana (Punjab) offered steel grade at Rs 45,800-46,000/ton and foundry grade at Rs 47,000-48,000/ton on a delivered basis.
What Causes Prices To Remain Volatile?
- Primary Mills limit pig iron supply due to better margins in finished steel sales, and strong sales of final products. SAIL and other primary mills that mostly sell pig iron in the spot market through auctions have limited supply as finished steel demand improves in the country.
- Resuming exports by some regular suppliers from western and eastern India have limited supply in the domestic market. Despite low demand, pig iron prices slightly changed in central and eastern India.
- Supported prices of substitute products, like sponge iron and scrap, have ultimately supported the pig iron market. Scrap prices in the global market have rebounded by $15-20/ ton in the past 10 days, after reaching around $400-405/ ton CFR Turkey in the third week of January 2023.
- Coking coal prices have risen by $50/ ton in the past month (January 2023) and are currently around $350/ ton CNF India.
Way ahead
As per market experts, pig Iron prices will remain volatile or supported if steel demand continues as prevailing, considering the above factors.
Read more: TMT Prices Of Indian Steel Mills Changed
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