Buying activity in the global basic pig iron (BPI) market has remained muted as suppliers have continued to insist on higher prices, while customers have opted to adopt a wait-and-see stance, expecting prices ultimately to decline. Following the declines in both the futures and physical markets in China amid production restrictions, power issues and falling demand, sentiments among BPI market players with regard to the future market prospects have been shattered. The recent reversal of the trend in the Turkish scrap market has additionally undermined the market mood. Some suppliers have started to lose confidence as regards the duration of prices at high levels. In particular, a Brazil-based BPI supplier has lowered its target prices to $505-510/mt FOB this week, versus $510-515/mt FOB in the previous week. CIS-based BPI suppliers, in their turn, have maintained a cautious stance in offerings, preferring not to voice any official offers but to discuss indicative levels in order to test the market. “Russian mills are hesitating to offer, apparently waiting for the export tax to end on December 31. On the other hand, there are many uncertainties due to high energy costs and the cooling market. Most customers expect some headwinds during the coming months,” a European trader commented with regard to the current market developments. “The only thing I heard is they are now aiming for $550-560/mt FOB Black Sea, which in my opinion is rather wishful thinking,” another trader commented. The latest deals for ex-CIS BPI produced by a second-tier Ukraine-based mill were concluded in the middle of October at $530-540/mt FOB Black Sea, for November shipment.