During the past week, ex-CIS pig iron offers to the export markets have declined by $5/mt on the lower end and decreased by $15/mt on the upper end week on week to $385-395/mt FOB. As a result of lower prices, CIS-based pig iron suppliers have concluded deals to Turkey and Italy. In this context, ex-CIS pig iron deals in Turkey have been concluded at $405-415/mt CFR, though Turkish buyers have adopted a wait-and-see stance again this week. Meanwhile, an ex-CIS pig iron deal has been concluded in Italy at $410/mt CFR. Due to the start of the traditional summer holidays in Italy, trading activity is expected to be slow until September and demand for pig iron is likely to remain weak.
Meanwhile, ex-CIS pig iron offers to the US are at $410-415/mt CFR. However, as Brazilian exporters have decreased their offer prices, US-based buyers consider Brazilian pig iron prices to be more favorable and have concluded deals for Brazilian material at $410/mt CFR. Accordingly, no ex-CIS pig iron deals have been concluded in the US over the past week, as US buyers consider the current price levels to be on the high side.