In the Turkish domestic pig iron market, local producer Kardemir has not changed its prices since it reduced them by $30/mt on January 24. Accordingly, Kardemir's price of H1 pig iron still stands at $545/mt plus VAT, its H2 price is at $535/mt plus VAT, while its price of C1 pig iron stands at $510/mt plus VAT, and its price for C2 pig iron is at $500/mt plus VAT.
On the other hand, Russian pig iron producers' offers to the export markets have declined to $455-460/mt FOB, coming down from $480-490/mt FOB in mid-January. Having filled their order books for February production, Russian mills are now accepting orders for March production. According to market players, Russian producers are trying to give the impression that they do not need to further cut their prices; nevertheless, these producers may place more aggressive offers in order to increase their sales. In the meantime, Ukrainian producers' pig iron export offers are standing at $445-455/mt FOB.
Due to the further softening of scrap prices and low pig iron demand, it is reported that pig iron buyers are adopting a cautious approach and prefer to conclude multiple bookings in smaller tonnages, rather than larger tonnages, considering the risk of further price cuts.
Ex-CIS pig iron offers regress
Tags: Pig Iron Raw Mat Ukraine Turkey Russia CIS Non-EU Countries Middle East Mediterranean Steelmaking