The CIS pig iron market out of the Commonwealth of Independent States was steady in the week to Thursday October 22 on resumed sales to the United States.
*** CIS PIG IRON market , high-manganese pig iron
Fastmarkets’ weekly price assessment for high-manganese pig iron, export, fob main port Black Sea, CIS was $350-353 per tonne on Thursday October 22, narrowing down slightly from $۳۵۰-۳۵۵ per tonne a week earlier.
*** Sale of materials
A sale of 75,000 tonnes of Russia origin material was done at $369 per tonne cfr to the United States from the Baltic Sea, although a supplier said “it does not matter [from which sea the shipment comes] because customers pay the price on a cfr basis [which is] an indicator for the market.” Therefore, the $369 per tonne cfr level in the US would be equivalent to about $350 per tonne fob Black Sea.
The sale was for December shipment, despite the supplier previously said to be almost sold out until the end of the year, a source told Fastmarkets.
“We have revised our production program of steel products [to] increase the share of more expensive products, for which the production process is more complicated,” the supplier said. “That is why steel production [in December] will reduce and pig iron consumption [for our own use] will go down as well.“
Another sale to the US was done from Ukraine at $373 per tonne cfr, which would be about $353 per tonne fob.
No new sales were reported to China over the week.
*** CIS PIG IRON market , sale to China
“People are used to constant sales to China and when there are no sales people start to say the market is softening,” one international trader said. “But market there is not going down, it is just on a pause for the moment.”
Pig iron offers from the CIS to China were heard at $390 per tonne cfr or slightly above, sources said, which would be equivalent to about $355-358 per tonne fob. Meanwhile, bids there were heard at $385 per tonne cfr, or close to $350-353 per tonne fob.
No market activity was reported in Turkey, where buyers are anticipating lower pig iron prices, nor in Italy, where buyers are becoming more cautious due to the resurgence in the Covid-19 pandemic.
Some Ukraine-origin pig iron was on offer in Italy at $375 per tonne cfr (about $352 per tonne tonne fob), although it was also on offer at least $۵-per-tonne lower, sources said.
*** Imported pig iron
Fastmarkets’ weekly price assessment for pig iron, import, cfr Italy was $370-375 per tonne on October 22, down from $375-378 per tonne a week before.
Fastmarkets’ price assessment for low-manganese pig iron, export, fob main port Baltic Sea, CIS, meanwhile, was $365-380 per tonne on Thursday, narrowing up from $355-380 per tonne a week earlier. Sources said the workable level for basic pig iron shipped from the Baltic Sea was in a range between $365 and $380 per tonne fob, although no deals had been heard over the past week.
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