Over the past week, ex-CIS pig iron prices have remained stable at $365-385/mt FOB. Although domestic scrap prices in the US market have continued their upward movement in November, contrary to expectations CIS-based pig iron suppliers have not revised their quotations. As a result, ex-CIS pig iron offers to the US have remained stable week on week at $385/mt CFR, though demand for ex-CIS pig iron in the US has not increased as much as expected. As ex-Brazil pig iron offers to the US at $346-348/mt FOB are more attractive as compared to CIS-based buyers’ price quotations, buyers in the US market have concluded several deals for Brazilian pig iron.
In the previous week, ex-CIS pig iron offers to Italy were at $390-400/mt CFR, while deals were concluded at $385-390/mt CFR. As of this week, ex-CIS pig iron bookings in Italy have been concluded at only $390/mt CFR and no bookings have been made below this level. Market sources state that pig iron imports in Italy have improved due to the decrease in inventories at Italian ports. Consequently, transaction prices for ex-CIS pig iron in Italy have increased.