January 25, 2012: The pig iron market remained edgy in January as uncertainty loomed over the market. A decline in prices is not expected in the short term, owing to high output cost.

Thus, some of the major producers like NINL has hiked its pig iron prices by a margin of Rs 500/ton, while on the other hand in Vizag pig iron prices prevailed at Rs 25,000/ton (basic).

According to market experts, pig iron prices in Indian market have been stable for quite some time. Though they have not gained in proportion to ferrous scrap, prices are not seen falling in the short term. In the interim period, rising scrap prices, unavailability of iron ore and rising coal prices leant strength to the prices. Thus, the buyers were consistently sceptical over the market on increasing volatility, and the resultant apprehensive transaction activity across the market.

Meanwhile, steel grade pig iron price of NECO, Raipur is currently prevailing at Rs 26,800/ton (basic), up from Rs 26,400/ton (basic) at the beginning of January. Steel grade pig iron price of NINL, Orissa is currently prevailing at Rs 24,700/ton, retail by road delivery.

Source: ISMW