Sentiment in the market for pig iron from the CIS soured during the week to Thursday May 27 due to the threat of weaker steel prices.
Fastmarkets assessed the price of high-manganese pig iron, export, fob main port Black Sea, CIS at $630-635 per tonne on Thursday, down from $635-655 per tonne on May 20.
Two sales of CIS-origin pig iron were completed to the United States at $665 per tonne cfr in the week to May 27, sources said.
“Suppliers have not waited for a clear US scrap price in June despite the expected price rise [of $40-50 per tonne, according to sources],” one trader said.
“There is a possibility that there will be further price drops on iron ore and a threat of flats market [price] reduction,” the trader added.
No new offers or deals were heard in Italy, the second largest pig iron buyer from the CIS.
Fastmarkets’ price assessment for pig iron, import, cfr Italy was $660-665 per tonne on Thursday, down from $680-685 per tonne on May 27.
Fastmarkets’ price assessment for low-manganese pig iron, export, fob main port Baltic Sea, was $640-650 per tonne fob on Thursday, unchanged week on week.
Offers were heard close to the workable level, which was estimated at $640-650 per tonne fob, participants said.
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