CIS PIG IRON: Market still uncertain on opposing moods among buyers, sellers

The market for pig iron exports from the Commonwealth of Independent States (CIS) remained uncertain in the week ended Thursday May 30, with sellers optimistic because of higher prices for steel scrap, while buyers remained pessimistic, citing weak prices for finished steel products.

Fastmarkets’ price assessment for high-manganese pig iron exports from the CIS was $335 per tonne fob Black Sea on May 30, narrowing upward from $330-335 per tonne fob a week before.
“We have higher iron ore costs now, while the availability [of pig iron] is restricted,” one exporter from the CIS said. “Now that scrap [pricing] is strong again, that supports pig iron prices.”
Fastmarkets’ price index for 62% Fe iron ore, the feedstock for pig iron production, was $103.87 per tonne on May 30. This was up from $84.68 per tonne on March 28, when the latest uptrend started, on higher demand in China after the winter productions cuts were ended.

Fastmarkets’ daily index...

Published

Marina Shulga

May 30, 2019

18:22 GMT

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