The export pig-iron market from the Commonwealth of Independent States was firm during the week to Thursday September 30 on reduced trading activity.
Fastmarkets assessed the price of high-manganese pig iron, export, fob main port Black Sea, CIS at $490-515 per tonne on Thursday, widening downward from $490-518 per tonne the previous week.
Several sources said that a sale of Ukraine-origin pig iron to China was likely to be concluded at $550-560 per tonne cfr, or about $490 per tonne fob – although the deal had not been confirmed at the time of publication.
“Purchases in the Chinese market have slowed down, mainly because large traders are not confident in further market growth,” one international trader said.
No new sales were reported to the United States – the key regular pig-iron buyers. Suppliers’ price suggestions were heard at $540-550 per tonne cfr in the US, or close to $490 per tonne fob. That was $20-25 per tonne above the workable level for large buyers.
In Turkey, offers of CIS-origin pig iron were reported at $530-540 per tonne cfr, or close to $505-510 per tonne fob. That was also $20-25 per tonne above the price preferences of large consumers.
“Now no one is really intending to sell, because a lot was sold to China and other markets already, and no one really needs to buy, because buyers restocked earlier,” another trader said. “That is why the gap between suppliers’ and buyers’ price ideas is rather wide.”
In Italy, where the latest booking of Ukraine-origin material was made in late September at $548-553 per tonne cfr, the workable level for buyers dropped to $535-540 per tonne cfr, or about $500-505 per tonne fob.
“Those who needed to buy have already restocked and are indicating lower workable levels,” a third trader said.
One source said that suppliers were not likely to reduce prices below $550 per tonne cfr, or $515 per tonne fob, which was the average price for the latest bookings.
Fastmarkets’ price assessment for pig iron import, cfr Italy was $540-550 per tonne on Thursday, down from $548-553 per tonne the previous week.
The assessment for low-manganese pig iron export, fob main port Baltic Sea, CIS was unchanged at $560-580 per tonne on Thursday.
No market activity was reported because suppliers from the region preferred to focus on the local market and sales of other products.
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