In February, scrap prices had switched to a downtrend, while pig iron prices had declined slightly. The record declines in iron ore prices in March further impacted the already weak pig iron prices. However, with both scrap and iron ore prices rebounding once again, pig iron prices are also expected to switch to an uptrend in the short run.
Market sources state that the pig iron market is quiet both in Turkey and globally, with just a few offers available and with the price trend moving sideways so far. Ex-Ukraine pig iron offers are reported to be hovering at around $370-375/mt FOB, while the latest transactions to Turkey have been concluded at $390-395/mt CFR. Pig iron producers are expected to return to the market in the coming weeks with offers for their May production.
On the other hand, world pig iron output in the first two months of the current year increased by 1.60 percent year on year, according to worldsteel figures, while pig iron production in the CIS region decreased by 2.70 percent year on year to 6.27 million mt.
Below, Turkey's pig iron imports over the past 10 years can be viewed, which reflect Turkey's increased consumption.
