Market sources state that CIS-based pig iron suppliers have increased their export offers over the past week due to the shortage of supply and high costs. Accordingly, ex-CIS pig iron offers have moved up further by $5/mt week on week to $340-345/mt FOB. Additionally, no new pig iron sale from the CIS region to the US - CIS-based suppliers’ biggest export market - has been heard since last week.
SteelOrbis has been informed that a trader has raised its pig iron export offers from Margera port in Italy for CIS and Brazil-origin products by $4/mt week on week to $360-363/mt CIF US.
Market sources report that pig iron demand in the international markets has decreased over the past week, not because of the rise observed in prices, but due to the weakness of finished steel demand which is expected to cause production cuts.