Pig iron offers from Russia and Ukraine have continued to fall further from late last week, having declined by $5-10/mt in the previous two weeks. Accordingly, current pig iron offers from Ukraine to Turkey are in the range of $460-470/mt CFR, though Turkish buyers are maintaining their cautious approach for now.
In the meantime, the significant declines observed last week and in the current week in global iron ore prices are expected to be reflected in the pig iron market also.
On the other hand, Turkey's pig iron imports have increased considerably in Q1. According to the data provided by the Turkish Statistical Institute (TUIK), in the first quarter of this year Turkey imported 365,502 mt of pig iron, increasing 39.4 percent compared to the first three months of the previous year, while Turkey's top pig iron source in the first three months this year was Ukraine which supplied 222,685 mt.