Prices for CIS pig iron continued to move higher in the week to Thursday November 12 on a supply shortage in the global market.
*** price assessment for high-manganese pig iron
Fastmarkets’ weekly price assessment for high-manganese pig iron, export, fob main port Black Sea, CIS was $370-374 per tonne on Thursday, up from $355-360 per tonne a week earlier.
*** Ukraine-origin pig iron
A sale of Ukraine-origin pig iron was done at $389 per tonne cfr in Turkey. This would be equivalent to around $374 per tonne fob Black Sea.
Later in the week, another pig iron cargo was sold from Ukraine to Turkey at $398 per tonne cfr. This works out as about $383 per tonne fob, but was for material of a higher quality.
A workable level for exporters for this material was said to be no less than $400 per tonne cfr in Turkey, or about $385 per tonne fob.
At the start of the assessment week, a deal to China was done from Russia at $405 per tonne cfr, which is close to $370-374 per tonne fob Black Sea.
“Demand exceeds supply by a lot and the shortage has pushed prices up,” one supplier from the CIS said.
In Italy, buyers remain cautious about a second wave of Covid-19 and a national lockdown, with no buying activity reported.
But buyers’ estimates of the market level were about $380 per tonne cfr, up from $370 per tonne cfr earlier in November due to increasing global prices. This equates to about $357-360 per tonne fob.
The latest offers were heard no lower than $390 per tonne cfr, or about $367- 370 per tonne fob.
Fastmarkets’ weekly price assessment for, import, cfr Italy was $380-390 per tonne on Thursday, up from $370-375 per tonne last week.
Fastmarkets’ price assessment for low-manganese pig iron, export, fob main port Baltic Sea, CIS was $370-380 per tonne on Thursday, unchanged week on week.
A sale of basic CIS pig iron of higher quality was reported at $376 per tonne fob, which would be close to $370 per tonne normalized for a standard quality.
Following the sale, the market level was heard to move up to $380 per tonne fob on the global uptrend.
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