Turkish pig iron market makes quiet start to August due to Ramadan and summer holidays

Monday, 01 August 2011 17:41:50 (GMT+3)   -  

In this week's Turkish domestic pig iron market, local producer Kardemir's price of H1 pig iron still stands at $625/mt plus VAT, its H2 price is at $615/mt plus VAT, while its price of C1 pig iron remains at $590/mt plus VAT, and its price for C2 pig iron is at $580/mt plus VAT. The producer has not changed its pig iron prices since July 13.
In Turkey's Central Anatolia region, reduced working hours due to Ramadan have resulted in lower capacity usage in regional foundries.
Last week, ex-Ukraine pig iron offers were at $520-525/mt FOB for August shipments. However, it is heard that some Ukrainian producers are still offering slightly below this price range in pig iron sales tenders in which they participate. In the meantime, ex-Russia pig iron offers continue to stand at $530-535/mt FOB for late August shipments.
With the echoing of positive developments regarding the US economy in the international markets, the €/$ exchange rate is expected to see an update this week. With the start of the summer holidays in most European countries, particularly in Italy, pig iron demand of foundries in this region is foreseen to slide down.
It is thought that buyers in the Middle East and in Turkey, on the other hand, will prefer bookings that will arrive in September, as they do in their finished steel purchases.
Lately, ex-CIS pig iron offers have followed a sideways trend, while international traders have begun offering ready stock or previously ordered pig iron to Turkish buyers at price levels slightly below Turkish domestic prices, as SteelOrbis has been informed.

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