The price paid for pig iron exported from the Commonwealth of Independent States (CIS) declined during the week to Thursday January 30 due to pressure from falling steel scrap market prices.
"The falling market price of scrap [the relative pig iron substitute in steel making] is always a strong argument for buyers, who start to insist on lower pig iron prices once scrap goes down," one exporter said. "But now pig iron availability is very low and there is no change that its price will go down as much as scrap price.""This week we are out of the market because we are going...