Meanwhile, Ukrainian pig iron offers to Turkey are at $405-410/mt CFR, but buyers' price ideas are standing at the level of $400/mt CFR and below. On the other hand, Russia is offering pig iron to Turkey at $420-425/mt CFR, though these offers are considered to be on the high side for the Turkish market.
After recording declines of $1-2/mt in the last two weeks, iron ore prices in China are currently following a sideways trend, and prices will not likely move up amid weak steel demand in the domestic market. Meanwhile, a price decline is expected for scrap prices in Turkey, and the latest scrap deal from the US at the level of $395/mt CFR confirms this anticipation. Under these circumstances, next week pig iron deals will likely be concluded around at $400/mt CFR in the Turkish domestic market.