Indian Pig Iron Prices Hit 10-Month Low, Will it Decline Further?
Pig iron prices in major producing regions - Central & Eastern India dipped to 10 month's low owing to improved supply, lessening exports as well as significant fall in domestic steel prices earlier.
The latest offers for Steel (basic) grade Pig iron in Central India - Raipur & Raigarh hovering at INR 28,200/MT, while in Eastern region - Durgapur & Jharkhand at around INR 27,300-27,500/MT, excluding GST. The similar price range were last noticed during Feb'18, as per SteelMint data.
Indian bulk pig iron exports fell sharply by 57% Y-o-Y in CY18 and recorded at 0.24 MnT as against 0.58 MnT in 2017, as per vessel line up data maintained by SteelMint. Further it seems exports to remain weak due to competitive offers through the global suppliers (CIS & Brazil) for Pig iron & Scrap.
Another key factor is improved supply owing to falling steel prices. SteelMint analyzed that most of producers are willing to sales semis products - Pig iron & Billet rather than finished products as demand for finished steel remained sluggish in major markets.
Will Pig iron Prices Fall Further ?
Amid constant fall in pig iron prices since long span, the participants are cautious for major bookings with an assumption of further correction in prices.
As per industry experts, the large suppliers in eastern India may further cut prices by around INR 500/MT as inventories are sufficient with them owing to weak domestic & export demand.
source: SteelMint
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