Turkish pig iron buyers remain cautious due to softening in finished steel market

Monday, 03 October 2011 16:36:58 (GMT+3)   |  
       

In the Turkish domestic pig iron market, local producer Kardemir has not changed its domestic pig iron sales prices in the past week. Accordingly, Kardemir's price of H1 pig iron still stands at $595/mt plus VAT, its H2 price is at $585/mt plus VAT, while its price of C1 pig iron has trended sideways at $560/mt plus VAT, and its price for C2 pig iron is still at $550/mt plus VAT. However, due to the softening observed in the Turkish finished steel market last week, Turkish mills are adopting a wait-and-see stance as regards new pig iron purchases.

In order to benefit from the weakening of the euro against the US dollar, Turkish foundries have started to assess ex-Europe pig iron offers. In the Turkish market, ex-Germany hematite offers stand at $575-580/mt CIF, for November shipments.

In the meantime, Turkish pig iron buyers seem still interested in ex-Ukraine pig iron offers due to their competitiveness. In the latest pig iron transaction from Ukraine to Turkey, price was at $525/mt CFR. However, this week it is reported that Ukrainian pig iron offers to Turkey have declined to $490-495/mt FOB.

In the Americas, Brazilian pig iron offers to the US for November shipments stand at $515-520/mt CFR.

As for iron ore, the main input material for pig iron, this week Chinese market players will be on holiday because of National Day holiday in China (October 1-7). As a result, international iron ore prices are expected to be reshaped when this market returns from the holiday.


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