Ex-CIS pig iron offers decline amid weak demand

In the Turkish domestic pig iron market, local producer Kardemir reduced its basic pig iron and hematite prices by $15/mt in its latest price list published on May 16. Accordingly, Kardemir's price of H1 pig iron now stands at $550/mt plus VAT, its H2 price is at $540/mt plus VAT, while its price of C1 pig iron stands at $515/mt plus VAT, and its price for C2 pig iron is at $505/mt plus VAT.
 
Meanwhile, Russian and Ukrainian pig iron export offers are still on a downtrend, as the decline in global raw material prices has been also felt in pig iron prices. Ex-CIS pig iron offers to Turkey are currently standing at $455-465/mt CFR. Ukrainian pig iron suppliers' export offers are standing at the price range of $440-445/mt FOB, compared to $455-460/mt FOB two weeks ago. While Ukrainian pig iron offers to Turkey are at $455-460/mt CFR, Turkish buyers are cautious regarding new purchases due to the ongoing price drops and so they prefer to wait for further price softening instead.