According to market sources, ex-CIS pig iron availability has declined significantly due to the political situation in Ukraine that has led to the blockade of the country's rail system. As a result, ex-CIS pig iron offers to Italy have increased further to around $350/mt CFR, which is about $50/mt more than two weeks ago.
Meanwhile, market sources noted that the increase in prices has not boosted demand. At present, Italian buyers are reluctant to accept these new offers. If scrap prices do not increase further in Italy and if Ukraine resumes regular pig iron supplies, then ex-CIS pig iron offers could decrease in the coming period, the same sources said.