Global buyers are reluctant to purchase Pig iron as global scrap offers are much competitive. Limited trade was seen as buyers are either going for imported scrap or purchasing very nominal quantities of Pig iron.
Global Pig iron supplies are also found less due to increased pig iron prices across the globe. Russia and Brazil, who are the major supplier of Pig iron have raised their offers amid rising coking coal prices.
This week, Russia & Ukraine, the major exporter of Pig iron, have raised their Pig iron offers by USD 5/MT due to reduced availability of the material. Current offers are hovering in the range of USD 242-250/MT, FoB Black Sea.
Brazil had concluded few fresh deals with the USA and other countries, because of which it has raised their Pig iron offers by USD 15/MT. Current offers are at USD 260-265/MT, FoB Brazil.
India, being one of the largest iron ore exporters of Pig iron is entirely focusing on the domestic market. MMTC, one of the leading Pig iron exporter have recently raised its domestic offers by 600/MT and currently offering at INR 21,500/MT (USD320/MT) in the domestic market.
Global Trade:
Turkey: Turkey one of the major buyers of Pig iron is currently focusing entirely on purchasing scrap. Current offers for Pig iron import in Turkey is around USD 235-240/MT CNF Turkey, whereas HMS 80:20 USA origin traded at USD 230-232/MT, CNF Turkey, and Europe origin at USD 225-227/MT, CNF Turkey.
Italy: The second largest importer of Pig iron was found importing nominal quantities of Pig iron. Current offers for Pig iron are at USD 255-259/MT, CIF Italy according to sources.
South east Asia: South east Asia based Pig iron importers are also not much active in the Pig iron market. Thailand-based Pig iron importers are currently importing small quantities of not more than 5,000 MT-6,000 MT Pig iron. Current offers for Pig iron in Thailand is hovering around USD 260-265/MT CNF Thailand.
Bangladesh: Bangladesh (not a regular buyer of Pig iron) is currently not much active in Pig iron buying. However, few Bangladesh based steelmakers have brought HBI from Malaysia at around USD 220-225/MT, FoB Malaysia according to sources.
Present offers for HMS 80:20 scrap are at USD 235-237/MT, CNF Bangladesh. Few deals for HMS 80:20 was heard concluded at USD 235-237/MT, CNF Bangladesh.
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