The market for pig iron exports from the Commonwealth of Independent States softened further during the week ended Thursday March 20 because of buyers' pessimistic mood.
"Automotive producers [which consume flat steel products made from merchant pig iron in electric-arc furnace based steelmaking] are stopping all over the world due to quarantine measures," one trader said, in reference to the measures being taken to combat the 2019-nCoV coronavirus pandemic."The steel market is in trouble due to low demand because the economy has slowed down a lot and no-one knows when recovery will come," another trader said. "That means...