The price of pig iron exports from the Commonwealth of Independent States has fallen over the past seven days due to weak prices both for raw materials and for finished steel products, Fastmarkets heard on Thursday November 22.
Fastmarkets' CIS export price assessment for high-manganese pig iron went down to $355-365 per tonne fob Black Sea on Thursday, from $365-370 per tonne a week before."The market mood is pessimistic because the global market for steel products is weak, scrap is weak - iron ore, coal, everything is weak," one trader told Fastmarkets. "The United States market is muted, so everyone is in wait-and-see mode."Fastmarkets calculated the daily index for US-origin HMS 1&2 (80:20) scrap material at $327.48 per tonne cfr on November 22, down from $335.01 per tonne cfr on November 21, because Turkish buyers reduced their scrap purchasing prices on fears that the rebar market was about to soften.Meanwhile, Fastmarkets' cfr China Hard Coking Coal Index was $201.54...