The export pig iron in CIS went up again during the week to Thursday December 10 on a shortage of material with further increases expected, according to market sources.
*** pig iron in CIS , high-manganese pig iron
Fastmarkets’ weekly price assessment for high-manganese pig iron in CIS , export, fob main port Black Sea, was $450-460 per tonne on Thursday, narrowing upward from $433-460 per tonne a week earlier.
Turkey remained an active buyer of pig iron from the CIS during the week, mainly due to the strong steel market there and the rapid growth of the scrap price over the period.
In the middle of the week, a Russia-origin cargo of less than 5,000 tonnes was sold to Turkey at $460 per tonne fob Black Sea for January shipment.
After the assessment was published, a deal for a Ukraine-origin cargo with February shipment was reported at almost $500 per tonne cfr, which would be close to $480 per tonne fob for material of improved quality, or about $465-470 per tonne for standard quality basic pig iron.
After the Ukrainian sale, another Russian supplier sold 10,000 tonnes at $500 per tonne fob, but for prompt shipment in December, which makes the deal price above the normal market level.
*** pig iron in CIS , Russia-origin cargo
One Russia-origin cargo was redirected from China to the United States market. An international trader bought this cargo for the Chinese market in mid-November but failed to find a buyer there. The cargo was sold in the US at slightly above $470 per tonne cfr. On fob basis, that would be $450 per tonne and despite the cargo being resold by the trader, CIS suppliers would not agree to sell to the US at this level, one source said.
“The market has been booming and the US is lagging behind the growth at other markets,” one supplier said.
“Not much pig iron is available in the market, so those who need it agree rather fast to accept higher and higher prices,” one trader said.
No trading activity was heard in Italy this week because buyers there are “shocked at the price level“ and were not ready to compete with other buyers for pig iron.
Fastmarkets’ weekly price assessment for pig iron in CIS , import, cfr Italy was $478-485 per tonne on Thursday, widening upward from $478 per tonne last week on higher estimations of the workable market level.
*** low-manganese pig iron
Fastmarkets’ assessment of low-manganese pig iron, export, fob main port Baltic Sea, CIS was $420 per tonne on Thursday, up from $380-385 per tonne a week earlier.
The sale of a cargo with January shipment was reported at $420 per tonne fob.
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