CIS PIG IRON: Market down on buyers' pessimism

The market for pig iron exports from the Commonwealth of Independent States softened further during the week ended Thursday March 20 because of buyers’ pessimistic mood.

“Automotive producers [which consume flat steel products made from merchant pig iron in electric-arc furnace based steelmaking] are stopping all over the world due to quarantine measures,” one trader said, in reference to the measures being taken to combat the 2019-nCoV coronavirus pandemic.
“That affects flat steel makers - the key pig iron consumers - so demand for pig iron has slowed down in Europe and in the United States,” he added.

“The steel market is in trouble due to low demand because the economy has slowed down a lot and no-one knows when recovery will come,” another trader said. “That means...


Marina Shulga

March 20, 2020

16:50 GMT