Prices in the Commonwealth of Independent States’ pig iron export market fell during the week to Thursday September 2 on bearish buyers in all outlets.
Fastmarkets assessed the price for high-manganese pig iron, export, fob main port Black Sea, CIS at $490-505 per tonne on Thursday, down from $510-520 per tonne the previous week.
“Activity has appeared in China, that will stimulate sales in all other outlets,“ one trader said. “However, the demand price in all markets is going down and buyers need to accept it.“
The price in China was reported at $535-540 per tonne cfr but no sales from the CIS were reported over the week. The workable level in China has affected prices in other countries, sources said.
In the United States – the largest regular pig iron buyer – the market level was indicated at $540-545 per tonne cfr on Friday, equivalent to about $490-495 per tonne fob.
“[The] scrap price has been falling in the United States and they have stocks, so the workable pig iron price there [has gone] down,“ another trader said.
Italy pig iron
In Italy, offers to large buyers were reported at $540 per tonne cfr, equivalent to $505-510 per tonne fob.
“We always are secured with stocks, and we see that the market price [is going] lower and lower [so] we prefer to wait,“ one larger Italian buyer said.
Fastmarkets’ price assessment for pig iron, import, cfr Italy was $540 per tonne on Thursday, narrowing downward from $540-550 per tonne the previous week.
After the assessment was published, a small tonnage of Ukraine-origin pig iron was heard sold to Italy at $547 per tonne cfr, equivalent to about $515 per tonne fob.
Fastmarkets’ assessment of import pig iron in Italy has been reducing since mid-July.
Fastmarkets’ price assessment for HBI, cfr Italian ports was $470-480 per tonne on September 2, widening downward from $480 per tonne a week before.
“[The] HBI market is much less volatile than pig iron, because there are less suppliers and less buyers, and its availability is lower,“ one buyer said. “It remains rather flat [but] it is still competitive compared to pig iron and scrap for us.“
The assessment for low-manganese pig iron, export, fob main port Baltic Sea, CIS was $580 per tonne on Thursday, down from $590-650 per tonne the previous week due to reduced offers.
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