Will pig iron prices follow scrap and iron ore trends?

Thursday, 10 July 2014 16:15:02 (GMT+3)   |   Istanbul
       

Compared to two weeks ago, ex-Ukraine pig iron offers have increased by $5/mt to $375-385/mt FOB, while offers from Ukraine to the Turkish pig iron market have remained unchanged over the same period at $395-400/mt CFR. Last week, an ex-CIS pig iron deal to Turkey was heard at $392-395/mt CFR.
 
In previous weeks, Turkish steel producers thought pig iron offers were on the high side due to expectations that scrap prices would soften, and accordingly some buyers postponed their pig iron purchases. However, scrap prices have started to indicate some upward movement this week with the latest bookings and thus buyers may restart their pig iron purchases in the coming days. With prices of both scrap and iron ore prices starting to move up, pig iron prices are expected to follow suit shortly.
 
Meanwhile, ex-Ukrainian pig iron offers to Italy have increased by $5/mt over the past two weeks and are now at $404-405/mt CIF. Last week, pig iron deals from Ukraine to Italy were heard in the range of $404-405/mt CIF. 
 

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