In the first ten days of the month, the indicative price for Russian pig iron was in the range of $390-400/t FOB. A large contract for the supply of 30-35 thousand tons of pig iron to Italy was fixed at $430/t CFR. Another unconfirmed contract with an Italian importer was noted at $440/t CFR.
In the second ten-day period of August, suppliers tried to keep pig iron quotes at previous levels despite the weak market situation. The contract for the supply of 15 thousand tons of Russian pig iron was noted at $425-430/t CFR Italy ($395/t FOB Black Sea). Traders noted that Italy purchased sufficient volumes of raw materials for steel production in August and early September. In Türkiye, a medium-tonnage lot for the supply of Russian pig iron was noted at $390/t CFR, but was then refuted by the supplier, since the price was too low. The working range of producers was in the range of $410-420/t CFR Türkiye.
In the last ten days of the month, prices for Russian pig iron indicatively fell by $10/t to $380-400/t FOB. No contracts were noted. Market players believed that Russian traders were expecting demand to recover in Europe. At the same time, large deals were noted on the market for the supply of Asian pig iron to India and the USA. A large-tonnage deal with a supplier from Indonesia and a buyer from India was completed at $380/t FOB. In the USA, pig iron offers from Vietnam were noted at $400/t FOB.
Russian pig iron prices fell to $390/t in August.
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