CIS PIG IRON: Price trend reverses amid weakening Chinese steel market

Sentiment in the Commonwealth of Independent States' (CIS) pig iron export market turned negative amid falling prices in the Chinese raw materials and finished steel product markets in the week to Thursday September 24.

The typically strong demand for finished steel products in the September-October period has not appeared in China this year, sources said.
Market sources expect the housing market, in particular, to be quiet in October with construction companies announcing no plans to build inventories over this period.
Additionally, market concerns about the Covid-19 pandemic in the United States have weighed on the futures market.
These factors combined resulted in a sharp drop in finished steel prices in China, which dragged raw materials' quotes down too, sources said.

Fastmarkets' daily index for iron ore 62% Fe fines, cfr Qingdao was $114.67 per tonne...

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