The export market for CIS pig iron increased again during the week to Thursday February 25 on new sales to traditional markets, even despite higher freight rates, sources said.
high-manganese pig iron ***
Fastmarkets’ weekly price assessment for high-manganese pig iron, export, fob main port Black Sea, CIS was $515-525 per tonne on Thursday, rising from $۵۰۰-۵۱۵ per tonne a week before.
One Russia-origin cargo was sold to the United States at $550 per tonne cfr, which is $40-per-tonne higher than previous sales to the outlet in the first half of February.
Although on a fob-basis, the increase was not so rapid due to spike in freight rates, sources said.
Several sources think the current freight rate to the US from Black Sea is at least $35 per tonne, compared to $20 per tonne normally. Thus, the fob-price would be not exceed $515 per tonne, Fastmarkets calculated.
Ukraine-origin ***
Ukraine-origin pig iron as a CIS pig iron was sold to Turkey at $550 per tonne cfr, with an estimated freight rate of $25 per tonne. Thus, on a fob basis the price would be $515 per tonne.
Another sale of pig iron from Ukraine was done to Italy, also at $550 per tonne cfr, which, considering increased freight rates, would be not higher than $520 per tonne fob.
Thus, Fastmarkets’ weekly price assessment for pig iron, import, cfr Italy was $550 per tonne on February 25, up from $535-537 per tonne one week earlier.
“Low availability is the main factor driving higher pig iron prices,“ one trader said. “When mills sell May-shipment material, they can ask for higher prices.”
Fastmarkets’ price assessment for low-manganese pig iron, export, fob main port Baltic Sea, CIS was $520-530 per tonne fob on February 25, up from $510-520 per tonne week on week.
There was no market activity in the region, although sources’ believe the workable level to have increased in line with the overall uptrend in the global pig iron market.
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