Over the past week, purchases of ex-CIS pig iron in the global market have increased slightly, while CIS-based suppliers’ pig iron offers have continued their upwards movement, rising by $10/mt on the upper end to $365-385/mt FOB. Amid higher demand for pig iron in Italy and limited number of price offers being made by CIS-based suppliers, ex-CIS pig iron deals in Italy have been concluded at $400-415/mt CFR Marghera, $10/mt higher than previous week’s deals prices.
Meanwhile, ex-CIS pig iron offers to the US have increased slightly week on week. In this context, Ukrainian suppliers’ offers have started to range at $390-395/mt CFR, while Russian suppliers’ quotations have increased to $405/mt CFR. According to market sources, ex-CIS pig iron offers to Turkey are at $385-390/mt CFR, though no new bookings have been heard over the past week. Having been stagnant for a while, demand for ex-CIS pig iron in target markets is not expected to recover significantly and prices are likely to remain at current levels in the short term.