After declines in scrap prices during February, global iron ore prices have moved downward as well. Having trended down in late February, iron ore prices registered a sharp decline early this week. In light of these developments, the pig iron markets have started to gained momentum, with plenty of deals concluded in Turkey and Italy over the past week at lower prices than the levels seen in February. However, downward price expectations for pig iron have not lasted long amid the increases in scrap and iron ore prices recorded in this week.
Ukrainian pig iron export offers have moved down to $370/mt FOB, while some deals have been concluded at $370-375/mt FOB. Meanwhile, pig iron sales in Turkey in the range of $390-395/mt CFR indicate a decline of $5-10/mt as compared to levels seen in February.
Against the backdrop of some upward movement lately seen in scrap and iron ore prices again, pig iron prices are not expected to decline below their current levels. On the contrary, they may trend upward as of next week.
Weekly price movements of different steel products in major markets can be viewed comparatively in the SteelOrbis Historical Steel Prices section. Market trends can thus be seen more clearly, while desired charts can be created and used in reports or presentations.