At the beginning of the month, deals with Russian suppliers were concluded at $310/t FOB Black Sea (about $335/t CFR). The working range expanded by $5–10/t to $310/t FOB, following an increase in Turkish scrap prices. Some interest came from MENA buyers, but prices did not exceed $310–315/t FOB. In Asia, demand weakened as long holidays in Japan and South Korea early in the month, coupled with low raw material needs, dampened trading activity across the region.
In mid-October, Russian exporters attempted to raise pig iron prices, but buyers resisted amid abundant supply and intense price competition among suppliers.
In Türkiye, negotiations for Russian pig iron were held at around $320/t FOB Black Sea, up by $5–10/t from earlier levels, or roughly $340/t CFR. However, by the end of the second decade of the month, a deal was recorded at a lower $305–310/t FOB. Market participants believe the volume was large and the supplier aimed to finalize the contract quickly.
In Southeast Asia, Russian offers were at $345/t CFR (about $300/t FOB), but no transactions were reported. Buyers had already secured significant raw material volumes in recent months, and medium-term demand is expected to remain weak.
By the end of the month, Russian pig iron prices declined by $7.5/t to $300–310/t FOB Black Sea. Oversupply and critically low demand continued to weigh on the market. Russian pig iron was sold to Türkiye at $320–322/t CFR ($302–305/t FOB), while the main Russian exporter kept its price slightly higher at around $310/t FOB.
In other markets, demand was almost absent. A deal was reported for a 40,000-tonne shipment of pig iron to Asia at $295–300/t FOB Black Sea (about $340/t CFR). Market participants believe the supplier deliberately offered a below-market price to quickly sell the large cargo.
By the final ten days of October, the reference price for Russian pig iron settled in the range of $300–310/t FOB Black Sea.
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