SteelOrbis has learned from market sources that pig iron demand in Turkey is weak and so import offers have showed some softening, even though the scrap and iron ore price trends have not been moving downward.
It is heard that pig iron transactions in Europe from the CIS have been concluded at lower prices as compared to bookings in previous weeks, while pig iron export offers from Ukraine have decreased by $5-10/mt since last week to $380-395/mt FOB. Market sources say that demand from European foundries is stronger than demand coming from steel producers and therefore high quality pig iron sales have been better as compared to basic pig iron sales.
If activity in the Turkish steel market increases after next week’s Feast of Sacrifice holiday in line with expectations, it is thought that pig iron transaction prices may move to the higher end of the $400-420/mt CFR range.