It is observed that ex-CIS pig iron prices have moved sideways over the past week, with prices maintaining their stable trend for now. The falling trend of ex-CIS pig iron quotations seems to have halted following the upward movement of scrap prices. Ex-CIS pig iron prices are currently at $320-330/mt FOB, while market sources report that prices may increase in the coming weeks. CIS-based pig iron producers are mostly maintaining a wait-and-see stance as they do not want to share many offers before prices start to move up.
Having been in the range of $340-350/mt CFR last week, ex-CIS pig iron prices to the US are now closer to the upper end of this range, with sales concluded at $350/mt CFR. Although there are signals that prices will not decrease, US buyers are not in a rush to restock pig iron.
Meanwhile, demand for pig iron in Italy is at low levels, with ex-CIS pig iron offers to Italy still at $350-360/mt CFR. Most ex-CIS pig iron offers to Italy are closer to the lower end.