Pig iron quotations have maintained their downward trend in Turkey amid weak steel demand and the price softening in scrap transactions. Ex-Ukraine pig iron offers to Turkey, which were standing at the levels of $405-410/mt CFR in the previous weeks, have registered decreases of $5-10/mt and dropped to $400/mt CFR this week, though buyers are expecting to conclude pig iron deals at levels below $400/mt CFR.
As seen in the SteelOrbis reference prices, in 2012 ex-Ukraine pig iron prices have been on a sharp downward trend since May:
As can be observed in the graph, early in the fourth quarter in both 2011 and 2012, prices indicated a decline. In December 2011 pig iron prices had moved up, while in December this year prices are trending down at the moment and are not expected to gain upward momentum.