The weekly Davis Index for CIS basic pig iron increased by $4/mt to $276/mt fob Black Sea on Friday after new sales to Turkey.

 

CIS pig iron exporters raised their offers in tandem with ferrous scrap prices rising globally, but buyers have generally been scarce with only a few in Turkey, as some mills have scrap shortages. According to several market participants, Ukrainian and Russian pig iron sold for around $300/mt cfr to Turkey.

 

The US pig iron market remains inactive. CIS suppliers expected buyers to resume negotiations after the Easter holidays, but there have been no bids yet.

 

Preliminary negotiations were reported in Italy, as the country recovers from a severe COVID-19 outbreak and business is slowly returning to normal. Some CIS exporters offered pig iron at around $310/mt cfr to Italy, but because they received bids below $300/mt cfr, no deals were heard. The weekly Davis Index for CIS pig iron in Italy climbed by $2/mt to $300/mt cfr on Friday.

 

 

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