CIS PIG IRON: Low availability prevents prices from following scrap drop

Low pig iron availability in the export market from the Commonwealth of Independent States (CIS) prevented prices from following the rapid drop in the scrap market, sources told Fastmarkets during the week ended Thursday January 23.

"I agree that normally pig iron follows the trend in the scrap market, but now the availability from the CIS is so low that this rule doesn't apply," one exporter said.
"We [CIS exporters] are selling as much steel as possible [by redirecting pig iron from the market to our own needs], due to the high prices for flat [steel products]," he added. "[There is] almost no pig iron available for February and March shipments."

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