The anticipation of potential shortages has prompted Russian suppliers to increase their prices by $20-30 per ton.
In a notable transaction, a deal for 45,000 tons was concluded at approximately $450-455/t CIF for the east coast of India. This price translates to roughly Rs 42,000-42,500/t when landed at plants based in West Bengal.
While there have been speculations about Indonesia making purchases, market participants have refuted these claims, citing the unavailability of material as the primary reason. This clarification underscores the current focus of Russian pig iron exports on the Indian and Italian markets, driving up prices amidst expectations of supply constraints.
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