The Pig iron demand in international market remains steady.

Prices in CIS steadily rose by USD 5/MT to USD 390/MT FoB last week, owing to low supply of Scrap in the market. Producers of finished have preferred buying Pig iron instead of Scrap due to wide gap between both the prices.

Bad weather and New Year holidays lowered the supply of material in market in early January, which is now covered by the reopening of European and other major market.

With the increase in supply for Pig iron in market, the CIS Pig iron prices again corrected by USD 2/MT to USD 388/MT FoB Black Sea this week.

Prices of Brazilian Pig iron remain stable at USD 385/MT FOB Ponta da Madeira.

Pig iron market in China experience a down fall witnessing low transactions owing to China’s Lunar New Year holidays. The Steel mills are procuring as per the needs. In Tanshang, Steel grade Pig iron is offered at RMB 2,650/MT.

Currently US domestic Scrap price is hovering around, USD 420/MT.