The global pig iron market is experiencing a consistent decline in prices, attributed to various factors. Despite suppliers' efforts to uphold quotes, insufficient demand from key consumers has halted trade. Anticipating a continued downward trend, most market participants actively promote values $5-10 lower in weekly comparisons.
In Brazil, the pig iron market mirrors this trend, with recent transactions indicating prices closer to $430/t FOB compared to the previous benchmark of $450/t FOB in early February.
Similarly, Ukrainian suppliers initially sold pig iron to the US market in the range of $480-485/t CFR, which has now shifted to $470-475/t CFR due to changing market dynamics.
In Europe and Türkiye, offers stand at $445-450/t CFR, with an expected discount of up to $5 to stimulate demand.
These shifts highlight the challenges faced by the pig iron market amidst declining prices and subdued demand, necessitating adaptability and strategic maneuvering for market participants.
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