Following a rebound in the Turkish scrap segment, Russian basic pig iron (BPI) exporters have attempted a rise in price. Nevertheless, pricing in Europe, usually the highest-priced market, has remained uneven due to many speculations as the quota for 2025 is going to be exhausted soon.
The SteelOrbis reference price for ex-Russia pig iron has been settled at $310-340/mt FOB Black Sea with the midpoint at $325/mt FOB, increasing by $5/mt over the week.
In Europe, there has been a rumour about a sale at $350/mt CFR, which translates to near $320/mt FOB Black Sea. Market sources said that most of the deals are for material that has already arrived in Europe, however, this deal could not be confirmed by the time of publication. Russian major mills have been targeting much higher levels - $380-390/mt CFR ($350-360/mt FOB), while the large buyers’ price idea is still much lower – at $340-345/mt CFR, which is equivalent to $310-315/mt FOB, so speculations continued. “There are no real deals in Italy… At the same time, producers see that quota is coming to an end and they are expecting prices to increase,” a trader said.
One of the Russian sanctioned mills has been offering at $320-325/mt FOB Black Sea, translating to $340-350/mt CFR Turkey and though demand is still limited this level may work out in the near future after rebound in scrap. Low-manganese pig iron from Russia has been on offer at $360-370/mt CFR in Turkey and it has been heard some small volume changed hands at the lower end of the range.
The latest tradable level for Russian pig iron in India has been at $345-350/mt CFR or $305-310/mt FOB Black Sea.