The pig iron export market in the Commonwealth of Independent States (CIS) was confused by the opposing price directions taken by the raw materials and finished steel products markets during the week ended Thursday January 31.
Fastmarkets' price assessment for CIS exports of high-manganese pig iron was $315-325 per tonne fob Black Sea on January 31, down from $320-330 per tonne a week before."The scrap price increases, the iron ore price is booming, but what about finished product prices? Hot-rolled coil [HRC] prices are still weak. That is why it is unclear how high the raw materials prices will go, and how long the current uptrend will last," one international trader told Fastmarkets.Fastmarkets' daily index for US-origin HMS 1&2 (80:20) scrap material was...