Market sources have informed SteelOrbis that Turkish buyers have been giving lower-priced firm bids to CIS mills and traders, though suppliers can only cut their offers by $5-10/mt for the moment. Accordingly, Russian pig iron offers to Turkey are at $425-430/mt CFR, while Turkish buyers' price expectations are at $415-420/mt CFR.
Early last week, import pig iron prices in Turkey were expected to increase in line with improved demand. However, as iron ore prices entered a downward trend for the rest of the week, Turkish buyers have also started to expect pig iron prices to register declines.
In the coming week, pig iron demand in the Turkish domestic market and the trend of iron ore prices will determine the trend of pig iron prices.