On October 27, SteelOrbis reported ex-CIS basic steelmaking pig iron offers to the US at $340-350/mt CFR US or approximately $327-337/mt FOB Baltic Sea. Ex-CIS low-manganese prig iron offers were reported at $360-370/mt FOB Baltic Sea.
Sources inform SteelOrbis that CIS producers are seeking to increase prices on positive sentiment. CIS basic steelmaking pig iron offers are now reportedly at $335-350/mt FOB or approximately $345-365/mt CFR US port. In CFR terms, offers have increased by $5/mt from the bottom of the previously reported range and $15/mt from the top of the same range.
Ex-CIS low-manganese offers have also increased to $390-395/mt CFR US port or roughly $375-382/mt FOB Baltic Sea. In FOB terms, current offers have increased by $15/mt from the bottom of the previously reported range and $12/mt from the top of the same range.
A source noted that transactions “may end up lower than offers as buyers are not yet ready to increase deal prices, though, first quarter 2018 is looking strong-stable to possibly strong-up on finished steel prices.”