Ex-CIS pig iron prices stabilize for now, negotiations resume

Thursday, 09 January 2020 17:55:22 (GMT+3)   |   Istanbul
       

Ex-CIS basic pig iron (BPI) prices have so far remained stable after the holidays with most sellers offering $320-325/mt FOB. Some demand is seen in the US, while inquiries keep coming from China.

In particular, negotiations with the US have been restarted this week with offers mainly reported at $345/mt CFR. The level is considered acceptable, but the buyers are taking their time to book as they would first like to gain a clearer picture of the situation in the local scrap situation. Recently, the purchase price level has increased by around $30/mt, as SteelOrbis reported earlier.

Ex-CIS basic pig iron offers to China have been reported at $355-360/mt CFR this week, while the buyers’ price idea is mainly at $345-350/mt CFR at the highest, SteelOrbis understands. Sources expect that orders may be won by Brazilian sellers as their offers are at around the same levels as China’s bids.

In Italy, business activity has been limited partly as stocks are high, sources say. Ex-CIS basic pig iron has been on offer at $345-350/mt CFR, while the latest deal was closed with Russia at $338/mt CFR. Accordingly, the new offer level may not be accepted in the near future, SteelOrbis understands.

Turkey’s demand has also been rather low as the mills restocked earlier and some cargoes from the CIS and Brazil have arrived this week. In addition, the Turkish mills are waiting for a clearer scrap trend. Ex-CIS pig iron offers are at $345/mt CFR with no deals reported. In the meantime, some sources have said that some pig iron deals have been closed with local traders.


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