With the anticipations of a softening in scrap prices and the upward movement in iron ore quotations registered early this week, market players are wondering how the price trend for the
pig iron market will develop. Although a decline is expected in the Turkish
pig iron market, suppliers in the
CIS are not expected to reduce their
pig iron quotations that much if iron ore prices increase further in China.
The latest
pig iron offers to
Turkey from
Ukraine,
Turkey's major import source for
pig iron, have been standing at $365-370/mt CFR, while Turkish buyers are seeking lower levels. If Ukrainian suppliers come with offers lower than $350/mt FOB, it is believed that transactions could be concluded at around $360/mt CFR
Turkey. Deal levels for
pig iron in late September were ranging at $370-380/mt CFR.
Meanwhile, according to the statistics provided by the Turkish Statistical Institute (TUIK), in August this year
Turkey's
pig iron imports amounted to 89,360 metric tons, while
Turkey's top
pig iron source in the given month was
Ukraine with 65,825 mt, accounting for 73 percent of total
pig iron import figure.