The outlook as regards further developments in the global basic pig iron (BPI) market has deteriorated again in the most recent ex-CIS BPI transaction done to Turkey.
Specifically, by the end of the past week information regarding a fresh sale of 20,000 mt of ex-Russia BPI to a Turkish steelmaker at $585/mt CFR, for prompt shipment, was disclosed to the market. The FOB price is hard to estimate accurately, as the material is expected to be shipped as a mixed cargo with slabs. Nevertheless, subsequently, market sources voiced an assessment for ex-CIS BPI prices not higher than $550-560/mt FOB Black Sea. “Apparently, we have to prepare for a decreasing market,” an international trader stated. “The market has hit a breaking point with this ex-Russia BPI sale to Turkey. As for me, it is not a seller’s game any more,” another international trader commented with regard to the abovementioned deal.