Over the past week, ex-CIS pig iron export offer prices have decreased due to minimal interest in the main sales destination as well as the sharp drop in scrap prices in Turkey and overall bearish sentiments about the future market development.
Ex-CIS pig iron offer prices have moved down by $5-10/mt week on week to $325-340/mt. According to market sources, pig iron demand in the global market is still weak and there have been still no deals with the US. Moreover, in the recent deals for scrap in Turkey prices have lost $12/mt, impacting pig iron suppliers. As a result, the tradable level for ex-CIS pig iron has become not higher than $325/mt FOB, according to estimations.
Moreover, the downtrend will continue in the near future due to the expected supply volume increase in the CIS in the fourth quarter, SteelOrbis has been informed.