The export pig iron market from the Commonwealth of Independent States improved in the week to Thursday October 14, with new sales to Italy and a bullish mood among suppliers.
Fastmarkets’ price assessment for high-manganese pig iron, export, fob main port Black Sea, CIS was $500-520 per tonne on Thursday, up by $10 from $490-510 per tonne the previous week.
Several sales of Ukraine-origin pig iron were done to Italy at $510-520 per tonne fob.
Several sources said the freight rate from Black Sea ports to Italy was about $45 per tonne, increasing from $35 per tonne earlier in October, meaning that, on a cfr basis the deal price was $555-565 per tonne cfr.
Fastmarkets’ price assessment for pig iron import, cfr Italy was $555-565 per tonne on Thursday, up from $540-545 per tonne the previous week.
In the United States, offers from a Russian supplier came in at $570 per tonne cfr. or about $520 per tonne fob. Meanwhile, buyer-side sources there have indicated that the workable price for them would be no higher than $550 per tonne cfr, or about $500 per tonne fob.
“Exported from the CIS have tried to increase prices, citing high coking coal costs and low availability,“ one trader said.
The other trader said that pig iron suppliers were bullish because of rising scrap prices in Turkey – a strong indicator for the global pig iron and steel markets.
“Some of the CIS exporters are active but offer high prices,“ a third trader said. “The others are not active, but mulling price increases. They just need more time to see how high semi-finished and [finished] steel prices will [go] – that will help to them to understand how much to increase their pig iron offers.“
Fastmarkets’ price assessment for low-manganese pig iron export, fob main port Baltic Sea, CIS was $570-600 per tonne on Thursday, unchanged week on week, with no activity reported.
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