While ex-CIS pig iron offers to Turkey were standing at $440-450/mt CFR in previous weeks, offer levels have declined to $435/mt CFR in the current week. Although ex-CIS pig iron offers are now at their lowest levels of 2012, no transactions have been heard so far. Buyers in the Turkish domestic market are cautious about concluding pig iron deals as the price range of ex-CIS offers is quite wide and offers keep decreasing.
In addition, global scrap prices have seen sharp decreases lately and, if no change is observed in this trend, pig iron offers are expected to soften further soon.