As of today, Monday, November 22, players in the Turkish and Middle Eastern pig iron markets have returned back to the markets after the Feast of Sacrifice holiday. Before the holiday, following price increase announcements, purchases had been delayed to this week. However, given the increase in activity after the holiday, the market is expected to become clearer in the coming days. In the local Turkish market, the local sales price of H1 is still standing at $545-550/mt + VAT, while the local sales price of C1 is standing at $515-520/mt + VAT.
In the international markets, Ukrainian origin pig iron export offers have increased to $440-450/mt FOB, while Russian origin pig iron export offers are in the price range of $470-480/mt FOB - both for January shipments.
Generally, Turkish rolling mills' price idea for their pig iron purchases is reported as $460-470/mt CIF Turkey. Thus, considering the addition of freight rate charges, Russian pig iron offers remain high for Turkish meltshops. However, it is thought that US buyers may buy at the abovementioned levels.
On the nodular pig iron side, it is heard that import nodular pig iron offers to Turkey have increased to $550-560/mt CIF Turkey. It is also reported that Turkish buyers are leaning towards these price levels for December shipments.
In general, pig iron prices trend upwards toward the end of the year, and this year is no exception. Especially, in the CIS markets, the increased influence of winter conditions lifts freight rates and supplies become more difficult. As Turkey's scrap import prices become clearer, the pig iron market is expected to be impacted accordingly.