According to market sources, Russian and Ukrainian pig iron offers to Turkey have declined by $10-15/mt during the past two weeks and are now at $320-330/mt CFR and $330-345/mt CFR, respectively. Meanwhile, an ex-Ukraine pig iron deal has recently been concluded in Turkey at $330/mt CFR.
Market sources state that the continuing downtrend of iron ore prices in the global market and the $3-4/mt decline in recent scrap deals have exerted downward pressure on ex-CIS pig iron prices. It is thought that pig iron suppliers from the CIS may decrease their offers further if the downtrend in raw material prices continues in the coming days.