Pig iron demand sluggish in Turkey

In the Turkish domestic pig iron market where demand continues to be sluggish, local producer Kardemir kept its prices unchanged last week. Accordingly, Kardemir's price of H1 pig iron still stands at $575/mt plus VAT, its H2 price is at $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. The producer is anticipated to update its prices this week.
 
While no new pig iron offers have been heard from the CIS producers, it is reported that Russian producers' price idea for pig iron export offers stands at $485-490/mt FOB. However, Russian producers are not planning to lower their offers for the time being, though these offers are found to be on the high side by buyers. Amid high Russian offers and low demand, no offers have been heard from Ukrainian producers either.
 
While sluggishness prevails in the scrap markets and also in the iron ore market due to the Spring Festival holiday in China, pig iron demand is also weak. However, the pig iron market is expected to see some revival in the coming weeks, with an acceleration of pig iron bookings.