Over the past week, ex-CIS pig iron offers have decreased by $7.5/mt on average to $355-360/mt FOB. While demand for pig iron in the global market is stagnant, buyers have decreased their price inquiries as the new year approaches.
According to market sources, a Russian pig iron exporter has concluded a deal in the US market at $380/mt CFR, after domestic scrap prices in the US decreased slightly for the December buy-cycle. However, CIS-based pig iron producers have still failed to attract a significant response to their price offers at $375-385 CFR in the US market and are having difficulty in determining their future price offers due to the negative mood in the market.
According to market sources, ex-CIS pig iron deals in Italy have been concluded at $380-390/mt CFR during the past week. Meanwhile, no ex-CIS pig iron bookings have been heard in Turkey in the same period and demand for pig iron in the country has not recovered as Turkish producers are continuing to exert pressure on scrap prices and have been limiting their scrap bookings.