The main pressure came from weak demand, especially in the MENA region, while supply became more available. This combination started to push prices down. SteelRadar learned that buyers were not in a hurry and only showed interest at lower levels.
Freight costs also played a role. At the beginning of March, freight from Black Sea ports was around $20–25/t. By mid-March, it increased to $28–30/t due to rising oil prices. This added extra pressure on FOB prices, especially with weak finished steel markets.
Trading activity remained limited. Deals were done in small volumes. At the start of the month, Russian pig iron was offered at $340–355/t FOB, while CFR levels were around $380–385/t. However, Turkish buyers were not accepting these levels, with bids staying at $360–365/t CFR.
By mid-March, the situation in Türkiye became weaker. SteelRadar noted that deals started to be concluded at lower prices. A large cargo from Donbas was sold at $337/t FOB, equal to around $365/t CFR. This showed that sellers had to reduce prices to close deals.
Buyers in Türkiye were still targeting $360–365/t CFR. However, offers from non-sanctioned Russian suppliers were limited. The latest offers from Russia were heard at $350–355/t FOB, according to SteelRadar.
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