The Turkish domestic pig iron market has made a quiet start to the current week, after the price increases registered last week. On the first day of November, Turkish producer Kardemir did not update its pig iron selling prices. Meanwhile, the Turkish foundry pig iron market has witnessed sales to the automotive industry, as well as sales of cast iron parts to be used in tractor engines.
After Russian pig iron suppliers started to give offers at $440-450/mt FOB, it is observed that some bookings have been concluded in the European markets, such as the Italian market, at these levels. Similarly, following increases in ex-Brazil pig iron export offers, some international trading companies are reported to have concluded a number of transactions to the US at the increased price levels. However, the abovementioned price levels from Russian suppliers are unlikely to be accepted by the Turkish meltshops. Although efforts are being made to reflect the price increases in scrap in pig iron prices, the difference between the prices of these two raw materials makes it difficult for such efforts to achieve success. On the other hand, it is also reported that order books of foundries for November are full to a large extent.
In the Ukrainian market, pig iron suppliers, who have been abstaining from announcing their prices for November, are expected to announce their new price levels this week.
The ANNOFER 2010 - 9th International Non-Ferrous Metals Technology, Machinery and Products Trade Fair, which will be held on November 11-14 in Turkey, is expected to gather together players from the international cast iron market.