CIS PIG IRON: Market softens on buyers pessimism

The export market for pig iron from the Commonwealth of Independent States softened during the week to Thursday January 21 on buyers' pessimism amid a falling scrap market, sources told Fastmarkets.

Fastmarkets' weekly price assessment for high-manganese pig iron, export, fob main port Black Sea, CIS was $540-555 per tonne on Thursday, widening downward from $550-555 per tonne fob previously.
"The scrap market [which is a strong indicator of the pig iron market] is falling, so that is why buyers are very pessimistic and are giving very low bids," one trader said.

Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey was $437.80 per tonne on January 21, down by $1.38 per tonne day on day, and by $43.38 per tonne from January 14, when the downtrend started.
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