Import
pig iron prices in the Turkish domestic market are expected to increase in line with the recent upward price trend of
scrap. Before the Feast of Sacrifice holiday (October 24-28) the latest
pig iron deals from
Ukraine to
Turkey had been concluded at $365-380/mt CFR. After the holiday, however, it has been observed that the Turkish
pig iron market has slowed down, with transaction and offer volumes declining remarkably.
However, expectations in the market indicate that
pig iron deals are just around the corner and prices will likely trend upward amid the recent increase in
scrap transaction prices. Meanwhile, Turkish buyers have already started to make price inquires and prospective deals will likely be concluded higher than the level of $400/mt CFR.
On the other hand,
iron ore prices, which are another important factor influencing
pig iron offers, have trended sideways in
China this week. Steel and
iron ore prices in the Chinese domestic market are expected to fluctuate downward, while it is not yet clear how such anticipated decreases would affect
pig iron and
scrap offer prices, which are on an upward trend.