Trading activity for ex-CIS pig iron has been slack since late December since CIS-based pig iron producers were absent from the global market last week due to the New Year holiday and since they are not expected to be active in the market until the middle of this week due to the Orthodox Christmas holiday. Meanwhile, buyers are exerting further pressure on ex-CIS pig iron prices since scrap prices continue to move downwards in the deals concluded since the beginning of the year. Over the past two weeks, ex-CIS pig iron offers to export markets have decreased by $5/mt on average to $340-350/mt FOB. In the US market, where CIS-based suppliers’ offer prices were at $360-370/mt CFR in late December, buyers are likely to ask for discounts due to the expectation of declines in domestic scrap prices for the January buy-cycle. In Italy, buyers are still not active in the market and trading activity is weak due to the holiday season. This week, trading activity in the global pig iron market is expected to accelerate and more offer prices will likely be heard.