Indian Pig Iron Exports Drop 64% During Jan-Sept'18

According to customs data maintained with SteelMint, Indian pig iron export volumes have come down sharply in first three quarters of CY18. India exported 170,910 MT pig iron during Jan-Sept'18 against 469,050 MT in same time frame last year.

Domestic pig iron prices increased in CY18. Steel grade pig iron prices stood at an average of INR 29,500/MT in Durgapur during Jan-Sept'18 against INR 22,600/MT in same time frame last year. High realizations in domestic market prevented companies from exporting at lower rates. On the other hand Indian Pig iron export offers increased from an average of USD 320/MT, FoB India during Jan-Sept'17 to USD 380/MT during Jan-Sept'18.

Vedanta remained the largest exporter - Vedanta remained the largest pig iron exporter with 65,700 MT followed by MMTC at 53,210 MT and Vizag Steel at 52,000 MT. Export volumes from MMTC (which exports on behalf of NINL) have come down owing to capital repair work spanning around 3 months.

Bangladesh accounted for largest share in Indian Pig iron exports - India exported 73,700 MT pig iron to Bangladesh during Jan-Sept'18 and accounted for 43% share in exports. Other major destinations were Thailand with 34% share, Indonesia- 19% and Malaysia 4%.