Pig iron buyers not showing interest in increased ex-CIS offers

In the Turkish pig iron market, last week (on December 15) local producer Kardemir increased its domestic pig iron sales prices by $35/mt. As a result, Kardemir's price of H1 pig iron now stands at $575/mt plus VAT, its H2 price has increased to $565/mt plus VAT, while its price of C1 pig iron stands at $540/mt plus VAT, and its price for C2 pig iron is at $530/mt plus VAT. CIS producers' price hike of last week contributed to Kardemir's price adjustment.
 
Currently, Ukrainian pig iron offers to the Turkish market are still standing at $460-465/mt CFR, while Russian pig iron offers to Turkey are at $470-475/mt CFR, both for late January shipments. Both offers have stayed at last week's price levels. However, Turkish buyers are not showing interest in the CIS producers' offers, which had increased by about $10/mt last week.
 
As the Christmas and New Year holidays are expected to affect the international market by next week, it is thought that buyers in the US and Europe may assess offers for shipments in the New Year. For now, pig iron buyers in the international markets are not inclined to build up their inventories.