Black Sea pig iron softer as Chinese bids fall and US stays flat

摘要

London—CIS-origin merchant pig iron export prices came under pressure from falling Chinese bids, while the US seemed to allow only for a price roll-over rather than further upside, sources said on Sept. 25. A Russian cargo, 50,000-55,000 mt, November production, was sold in the week starting Sept. 21 at $387/mt CFR Mobil, a couple of industry sources reported. Three other loads from the CIS were sold a week earlier at $385-$388/mt CFR New Orleans. So far the US market has resisted $390/mt CFR, an exporter said. He believed $390/mt CFR was still a realistic target given that HRC prices in the US have reached the $660/mt mark. Another seller also noted he was reluctant to drop the price for the US market from the previously achieved level.