The export price of CIS pig iron increased again during the week to Thursday December 3 on new sales to traditional markets.
*** CIS pig iron , high-manganese pig iron
Fastmarkets’ weekly price assessment for high-manganese pig iron, export, fob main port Black Sea, CIS was $433-460 per tonne on Thursday, up from $430-450 per tonne a week earlier.
Early during the reported week, a sale of Russia-origin pig iron was done to the United States at $450-452 per tonne cfr, but with the shipment from the Baltic Sea.
Right after this deal, a Ukrainian supplier also sold a cargo to the US. The price was $455 per tonne cfr. Sources estimated a fob base level of $433 per tonne.
*** Several sales to Turkey
Several sales were done to Turkey. One deal was done at slightly below $480 per tonne cfr – about $465 per tonne fob – and the second sale, which was done later during the week, was at higher price of about $483 per tonne cfr, or close to $468 per tonne fob.
Sales to Turkey were done at a much higher fob base price due to the size of the cargoes. US buyers normally seek cargoes of not less than 50,000 tonnes, while normal volumes for sales to Turkey are 5,000 tonnes.
Additionally, the supplier sold to Turkey basic pig iron “with a special chemistry” which has a higher price, sources said. The deal prices, normalized to basic pig iron quality, would be about $460 per tonne fob or slightly below, Fastmarkets understands.
Another sale was done to Italy at $478 per tonne cfr, equivalent to $453 per tonne fob.
This raised Fastmarkets’ weekly price assessment for pig iron, import, cfr Italy as a CIS pig iron to $478 per tonne on Thursday, up from $460 per tonne last week.
China, which has been the main buyer of pig iron since March 2020, remained silent over this week.
“China needs pig iron when it is cheap, when price is so high as now they can refuse from its purchases [because pig iron is optional for Chinese steel makers, they need it only when it is cost effective],“ one trader said.
*** CIS pig iron , low-manganese pig iron
Fastmarkets’ assessment for low-manganese pig iron, export, fob main port Baltic Sea, CIS was $380-385 per tonne on Thursday, up from $375-380 per tonne a week earlier.
One supplier offered pig iron of improved quality at equivalent to the general basic pig iron price at $385 per tonne fob, although no deals were concluded.
The market in the region has been increasing more slowly than in the rest of the global market is because foundries in Western Europe have much lower demand than steelmakers in the global market. Thus, foundries are not ready to accept rapid price growth for the moment.
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