Ex-CIS basic pig iron (BPI) prices have remained stable in the past week despite weaker scrap prices. CIS-based mills are in the market with $320-325/mt FOB offers, SteelOrbis has learned. “CIS producers are watching import scrap developments. But, even if the prices for scrap decline sharply, they will try to keep pig iron offers unchanged,” a source noted.
US pig iron buyers are not active in purchases these days with no deals reported. Ex-CIS offers to this destination have increased by $5/mt over the past two weeks to $350/mt CFR, SteelOrbis has learned.
Offers to China from the CIS are at $355-360/mt CFR, stable over the past week; however, buyers have preferred to book from Brazil at $360/mt CFR which is around $330/mt FOB, SteelOrbis understands. No activity is expected in China in the coming days due to the holiday period. Afterwards, China may again show demand for pig iron.
In Italy, pig iron transactions have been limited as buyers’ stocks are high, sources say. Ex-CIS offers to Italy have increased by $5/mt to $345-355/mt CFR, but are not workable from the buyers’ point of view, sources mention.
Business activity in Turkey has been also weak for pig iron, as buyers are waiting until after the import scrap price has dropped. In addition, some sources said that mills have enough stocks at present. Offers ex-CIS have stabilized over the past two weeks at $345/mt CFR Turkey, with no deals reported.