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CIS PIG IRON: Market mood improves with new demand in China
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Sentiment in the market for pig iron exports from the Commonwealth of Independent States has improved, with demand appearing in China and mills able to avoid further price reductions to their traditional outlets, Fastmarkets heard on Friday October 11.
Fastmarkets’ weekly price assessment for high-manganese pig iron, export, fob main port Black Sea, CIS, was $270-275 per tonne on October 10, narrowing downward from $270-280 per tonne a week earlier. “Prices in the United States and Italy [the two largest traditional outlets for CIS-origin pig iron] are too low and not acceptable for us, and besides, we can sell to China now,” one exporter said. Global pig iron prices have dropped significantly, because they are tied to the international scrap market, and import pig iron prices are now competitive in China, one trader said.
Source: metalbulletin.com
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