Black Sea basic pig iron prices took a hit this week as CIS producers and buyers lowered their price expectations, sources said. The S&P Global Platts weekly pig iron assessment was $300/mt FOB Black Sea, down $22.50/mt on week. Buy-side sources were even more aggressive in their estimations of a market price. A trader said CIS merchant pig iron producers would be ready to accept $330/ mt CIF New Orleans ($310/mt FOB Black Sea). “But everyone knows very well this level isn’t workable,” he said. He anticipated transaction prices to fall under $300/mt FOB.
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