Turkish pig iron buyers remain cautious on new bookings

In the past week, with its new price list issued on June 28, Turkish producer Kardemir has cut its domestic pig iron prices by $15/mt as compared to its previous price levels dated June 14. Accordingly, Kardemir's price of H1 pig iron has declined to $610/mt plus VAT, its H2 price has dropped to $600/mt plus VAT, while its price of C1 pig iron is now at $575/mt plus VAT, and its price for C2 pig iron is at $565/mt plus VAT. For this week, no new price list has been issued so far.
 
On the other hand, CIS pig iron producers are still trying to persuade Turkish buyers to conclude new orders. SteelOrbis has learned from market sources that ex-Russia pig iron export offers still stand at $530-540/mt FOB for July shipments. The new pig iron export offers for August shipments are expected to be revealed this week.
 
SteelOrbis has further learned that Ukrainian mainstream pig iron offers were at $525-530/mt FOB last week, for shipments in July, while pig iron offers of Ukrainian producers and traders to Turkey were at $550-555/mt CFR. Since the Ukrainian market was absent until the middle of last week due to Constitution Day, new Ukrainian pig iron export offers for August shipments are expected to come to light in the current week.
 
Following the 12th International Foundry Trade Fair - GIFA, which was held in Düsseldorf, Germany between June 28 and July 2 with the participation of 79,000 visitors from 83 countries and 1,958 exhibitors, foundries are expected this week to clarify their next move regarding new pig iron bookings for the coming months.
 
Despite the attempts to solidify finished steel prices in the past week, the Turkish domestic market still seems to be a buyer's market.