Steel products buying activities have slowed down in China and looking at the current market scenario, sellers might have to lower prices so that demand picks up slightly.
Pig Iron offers in Tangshan are stable at RMB 2,650/MT (Ex works prices inclusive of 17% VAT on cash payment basis).
In the month of December, it is anticipated that steel mills might correct Pig Iron prices by RMB 50/MT and further drop in prices might be witnessed provided coke offers fall along with no improvement in demand of steel products.
US$ 1 = RMB 6.2902
Russia: A couple of the major Pig Iron manufacturers in Russia have stopped operating their blast furnace which produces 1,20,000 tons and 8,50,000 tons of Pig Iron per annum respectively.
Plants might resume production if exports market scenario show some signs of improvement.
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