Weaker import scrap prices put pressure on pig iron offers in Turkish market

Wednesday, 17 September 2014 15:39:18 (GMT+3)   |   Istanbul
       

According to market sources, Ukrainian pig iron producers which had stopped accepting new export orders due to the conflict in the east of their country, have not changed their stance yet. Therefore, Russia remains the biggest pig iron supplier in the region.

In the current week, ex-Russia pig iron offers to Turkey are in the range of $430-440/mt CFR. Market sources state that Turkish producers find the current price levels to be extremely high and are not inclined to accept these prices. Meanwhile, import scrap prices in the Turkish market have trended down over the past week, putting additional pressure on pig iron offers. In the meantime, Russian pig iron suppliers are expected to revise their export prices downwards in the coming days.

On the other hand, pig iron demand in the US is better than in Turkey, while Russian pig iron suppliers are competing with Brazilian suppliers in the US market.


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