Expectations for pig iron prices to decline have increased in Turkey in line with the ongoing softening in scrap prices. In this context, import pig iron offers to Turkey have indicated a decline of $5-10/mt as compared to last week. Offers from Ukraine, a major pig iron import source for Turkey, stand at $400-405/mt CFR, while these prices have been found to be on the high side and buyers are giving firm bids to suppliers at $390-395/mt CFR.
The latest pig iron deals have been concluded in Turkey at price levels of $400-410/mt CFR. Meanwhile, an ex-Ukraine pig iron booking has been concluded at $400/mt CIF in Italy, indicating a decrease of $20/mt as compared to one month ago.
The downward trends of scrap and iron ore prices, as well as low pig iron demand in target markets such as in Italy, Turkey and US have triggered the price decline in the pig iron market, while the main factor supporting prices is the strength of freight costs. Due to freezing conditions, loadings at some Black Sea ports are impossible and sales at lower prices have been concluded at these ports for products that have been held up too long at the ports. Meanwhile, pig iron prices may indicate upticks after March in line with better weather conditions and a recovery on the demand side.
Turkey's pig iron import in 2013 is as follows:
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