Suppliers in the EU pig iron market have announced new prices at which they are ready to ship the material. However, consumers are wary to accept them yet, waiting for the situation with demand for finished products to become clear.
Market participants report Russian producers are offering February melting at $530-540/t FOB ports of Black and Baltic Sea ($555-565/t C&F). The latest contracts have been reportedly signed at $495-500/t FOB ($520-525/t C&F ports of Spain) for late-January – early-February output. Notably, the current bids are reaching the April peak levels – $565/t C&F. Pig iron of Ukrainian origin is priced at $500/t FOB Black Sea, which means $525/t C&F ports of Italy.
Exporters mainly referred to steadily soaring scrap quotations when revised prices. In particular, shredded scrap is available in Italy at $505/t delivered. Taking into account a big price gap between the two kinds of material, pig iron suppliers hope to add $30-40/t to the late-December transaction level.
However, pig iron suppliers have one major disadvantage before scrap sellers – delivery time. A lack of available pig iron and long time of delivery were producers' main advantages in December. However, now the situation is different. Steelmakers and most traders do not want to run risks buying the material for long perspective, since delivery is possible in late February-March. It is yet doubtful whether new prices for finished products, reflecting an upturn in raw materials sector, will be set by then. It is only clear that quotations of finished products are likely to slide in the future.
The time when the decrease will be implemented is more important: the Spaniards are getting prepared for February, the Italians are more optimistic, thinking it will be in March. Some traders believe prices will fall by $50-60/t.
As a result, steelmakers are in no hurry to purchase pig iron. Moreover, their stocks are sufficient so far.
by Metal Expert LLC
by Metal Expert LLC
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