Pig iron prices falls by USD 4/MT owing to depreciating currency and poor demand in steel market.
Falling Turkish Lira against USD pulled demand as well as the prices of Scrap. CIS Scrap offered at around USD 318/MT FoB Black sea with a continuous fall in its prices. This has affected Pig iron market in Ukraine and offers fall to USD 373/MT FoB Black sea.
Italian buyers were heard bidding for Pig iron at USD 410/MT in the beginning of week and even under USD 400/MT CFR at the end.
Considering high grade Scrap at around USD 370/MT CFR, producers would not think of buying Pig iron at above USD 390/MT CFR. Prices are believed to further fall down as per sources.
– sourced
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