Russian pig iron exporters have turned to South Asia after the collapse in demand in Turkiye and North Africa.
Pig iron at Indian ports fell to $465-475 at the beginning of this week, down $10 per ton from the offers of two weeks ago. Given the rapid decline in ore and finished flat products, counter requests from customers no longer come above $450.
Although the decrease in demand in the Middle Eastern markets has already brought the indicators in the Black Sea ports back to the levels of $420-$430, the level of supply has not yet increased the demand.
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