Turkish buyers expect ex-CIS pig iron prices to regress

Ex-CIS pig iron offers so far the current month have already declined by about $5-10/mt as compared to prices in April, though buyers are still waiting for further price declines.
 
After pig iron transactions from Ukraine and Russia to Turkey in April at $480-490/mt CFR, it is reported that new pig iron bookings in May have been concluded at $470-480/mt CFR Turkey. Ukrainian producers and traders are currently offering pig iron to the Turkish market at $455-460/mt FOB or $470-475/mt CFR at the lowest, for June shipments.
 
Considering the downward tendency in global iron ore and scrap prices may also be reflected in pig iron prices, Turkish buyers are reportedly responding to ex-CIS pig iron offers with firm bids, $5-10/mt below current offers. However, it remains to be seen how CIS suppliers will respond to these bids.