From March this year until the end of June, ex-CIS pig iron prices to Italy were trending generally in a downward direction due to low demand from Italian steelmakers. From the mid-March high of $390/mt CFR Italy, offers had declined to $340/mt CFR Italy by the end of June. At present, according to market sources, prices have started to indicate a reversal of trend, as ex-CIS basic pig iron offers for Italy are back to levels of $350-360/mt CFR. The main factors behind this recovery are the current rising trend of international scrap prices and the weakening of the US dollar against the euro.