Far East Pig Iron prices move up due to high scrap prices and also as August bookings are almost done. But, chances for stability of increased offers is less because of weak demand and South Korea and Turkey markets have enough stock available till mid of September.
Pig Iron in the stockist market is being available at $15/t more to South Korea i.e. $440-445/t C&F as compared to last week. Hence, some of the producers have left markets. But few of the mills still look to stock the material.
Pig Iron price for Taiwan rise by $5/t from latest deals of mid July.
Russia quoted 5,000 tons of September production at $440/t C&F ($420/t FOB Far Eastern ports of Russia) to Taiwan a week back which corresponds to the mid July agreement.
Russian exporters will raise offers by $10-15/t in the start of August.
Black Sea ports of Russia and Ukraine do not ask for any Far East material as they plan to make deals with importers from Europe and Turkey.
In the beginning of August, prices may rise by $5/t.
Companies having volumes of unsold material are expected to raise prices step by step so that buyers take position and understand that offers are continuously.
Some of the big ones might offer with an increase of $10-15/t but buying may not be good.
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