Sluggishness prevails in Turkish pig iron market

Demand continues to be weak in the Turkish pig iron market, while recent transactions have been concluded at prices slightly below the levels seen in previous weeks. Ukrainian pig iron offers to Turkey have now regressed below $400/mt CFR and are now standing at about $390-400/mt CFR.
 
It is thought that, if the sluggishness continues in the Turkish scrap and finished steel markets, pig iron bookings will be kept at minimum levels, while, if demand improves in the last quarter of this year as expected, it is believed that increases in the transaction volume and price levels will be inevitable.
 
On the other hand, as iron ore prices have shown some downticks amid the continuing weakness of steel demand in China, the likelihood of a significant increase in global pig iron prices in the short term now seems lower.