India Pig Iron Prices Retreat 6.3% Amid Rising Spot Supply and Buyer Caution

India’s pig iron market weakened sharply in mid-May, unwinding much of the strength built during April as sentiment shifted from supply-driven firmness to a temporary surplus. Early April gains were supported by tight seaborne coking-coal availability and higher blast-furnace conversion costs, but mid-April regulatory actions and new capacity signals introduced a more bearish tone. By late April, a major joint-venture announcement and the usual pre-monsoon slowdown in construction and foundry activity pushed buyers toward caution, with mills and secondary furnaces absorbing available volumes. Even so, demand remained uneven rather than uniformly weak, as exporters, infrastructure projects and specialty-steel producers continued to provide selective support for pig iron, keeping the market from sliding into a deeper downturn.

India’s pig iron market saw uneven conditions across the value chain, with construction and infrastructure continuing to absorb material even as foundry and automotive demand softened. Activity in construction-linked segments supported...