Business Standard reported that within 2 weeks of announcing a price rise, the Indian pig iron sector is considering a partial roll back of the increase owing to sluggish demand.

A senior official of Hyderabad based Sathavahana Ispat said that “First, there are no orders and second, whatever orders we are getting are at low prices. So, we are not ready to supply. Prices of steel TMT bars, ingots and billets have dropped due to weak demand in the market and so, the pick up for pig iron is also poor. We had raised pig iron prices by INR 1,500 per tonne from June 1st, but we will soon take a decision on roll back the increase partially as the market is unable to absorb it.”

Effective June 1st, domestic pig iron companies had raised prices of the commodity following state run NMDC’s decision to increase iron ore prices 7% to 9%.

TATA Metaliks, Lanco Industries and Kirloskar Ferro are among the major pig iron players in India.