Ex-CIS pig iron offers have declined over the past week under the influence of falling scrap prices and declining iron ore prices which have fallen below the $80/mt CFR China threshold once again.
Meanwhile, Ukrainian pig iron suppliers have decreased their offers by $15-20/mt over the past two weeks to $365-375/mt FOB. Ex-Russian pig iron offers have also declined, falling by by $10-15/mt over the same period, and are currently in the range of $380-390/mt FOB.
Additionally, recently an ex-Ukraine pig iron deal to Turkey has been heard at $370-375/mt CFR. On the other hand, Turkish buyers find current ex-CIS pig iron offers to be on the high side due to the declines in prices of scrap and iron ore.
Market sources state that an Ukrainian supplier will restart its pig iron shipments in the coming days and so the tightness of pig iron supplies in the market will decline, while the downward pressure on pig iron prices is expected to increase further.