Turning our attention to Turkey, import quotations for steel scrap have continued their gradual decline. The demand for basic pig iron is limited, and this week the quotations are estimated to be around $330-340/mt FOB Black Sea ports, which is $365-370/mt CFR. Notably, a deal was struck for the supply of Russian basic pig iron at $335/mt FOB and semi-nodular pig iron at $370/mt FOB.
In Italy, indicative bid prices for Russian pig iron stand at $345-350/mt FOB Black Sea ports, which is approximately $395-400/mt CFR. These prices are $5/mt lower compared to the previous week. However, no new contracts have been reported.
Moving on to Ukrainian pig iron, the offer prices for supplying to Western European countries are around $470/mt CFR. The most recent contract for a relatively small volume was signed at $475/mt CFR.
In India, the last contract for the supply of Russian pig iron was concluded a week ago at a price of approximately $390/mt CFR. Currently, Russian pig iron is available at the same price. The estimated freight cost ranges from $60-70/mt, depending on the volume.
Shifting our focus to China, the bid prices for pig iron this week were announced at $380-390/mt CFR, equivalent to $315-325/mt FOB Black Sea.
In the United States, despite some consumers considering the possibility of further price reductions, a contract was signed for the supply of Brazilian pig iron at the same price as the previous deal in June - $445-450/mt CFR ($420-425/mt FOB). It's worth noting that ArcelorMittal Kryvyi Rih, a major supplier of pig iron to the US market, plans to reduce or even halt its supplies in favor of semi-finished or rolled products. However, there are doubts among market players regarding the effectiveness of this decision and the complete withdrawal of the supplier from the pig iron market. This information is generating active discussions among consumers. The current offer price for Ukrainian pig iron in the US market is approximately $470/mt CFR.
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