Increases in scrap and iron ore prices have ensured the ongoing upward movement of ex-CIS pig iron offers. It is reported that Ukrainian pig iron export offers do not exceed $390/mt FOB. The general expectation in the market is that these offer levels will likely indicate further increases in the coming weeks.
With the combination of upticks in raw material prices and strong pig iron demand in the US and Italy, pig iron prices are moving on an upward path. Meanwhile, Ukraine, which is Turkey's most important pig iron import source, is giving pig iron offers to Turkey in the range of $410-420/mt CFR, while the number of inquiries has increased in the country in line with the rising prices. In the meantime, Turkish buyers, who want to fill their stocks, are expected to accelerate their purchases in anticipation of a revival in the steel markets after the summer period.
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