Pig iron export prices from the CIS for October production have declined by $5/mt over the week, being under pressure of the insufficient demand and another sharp drop of the import scrap prices in Turkey. Sources believe that if the demand for pig iron continues to shrink on the key outlets, the prices may see further decline.
As a result, the raw material is being offered at $320-335/mt FOB. According to the market sources, the targeted price for the US is $345-350/mt CFR. However, no sales have been reported as the demand on the destination is quiet for now.
In Turkey the indicative offers are estimated at around $335-340/mt CFR, while the bids mainly do not exceed $320/mt CFR, SteelOrbis has learned. “Turkish mills put a lot of pressure on all raw materials imports these days,” a trader mentioned.
Pig iron offers to the Italian market were reported at $325-330/mt CFR versus $340-345/mt CFR a month ago. According to market sources, pig iron demand by Italian mills is very weak, also in the view of possible further price decreases.