Turkish pig iron buyers expect lower prices

According to market sources, this week ex-CIS pig iron offers to the Turkish market have not been clarified yet and suppliers are likely to determine their prices in line with the offers that buyers make. Currently, Turkish buyers' pig iron purchase price offers to the CIS are in the range of $275-300/mt CFR. Market sources state that pig iron buyers in Turkey are looking for price reductions and are ready to conclude purchases in the above price range due to the significant declines in imported scrap prices and the softening of iron ore prices. However, CIS-based pig iron suppliers are still in the process of evaluating Turkish buyers' offers. In addition, Turkish buyers are looking for attractive prices from CIS-based suppliers since ex-CIS scrap offers to Turkey are on the low side at $245/mt CFR. 
 
Meanwhile, a Ukrainian pig iron producer has halted production at its Donetsk mill due to disruptions of deliveries caused by the conflict in the east of the country.