This week, foreign pig iron suppliers have started to give offers to the Turkish market, with prices now standing above previous transaction price levels.
Currently, pig iron offers to Turkey from Ukraine, Turkey's major import source for pig iron, are standing at $420-425/mt CFR. However, buyers are taking their time before concluding any booking at these higher price levels, anticipating discounts.
As SteelOrbis previously reported, Turkey's pig iron imports in June indicated a decrease of 35.9 percent compared to May, declining to 89,808 mt, with major sources being Ukraine and Russia.
Following increases seen in Turkish mills' import scrap prices in August, pig iron prices have also moved upwards. However, given the weakness of the market and low trending iron ore prices, the Turkish mills are not expected to accept the increased pig iron offers and transactions are foreseen to take place at $410-415/mt CFR from Ukraine to Turkey. In late July, ex-Ukraine pig iron transactions to Turkey were at $390-400/mt CFR.