June 2019 | Steel Scrap and Metallics Forecaster
CIS pig iron prices set to resist declines amid cost pressure: CIS Market Analysis
Production and exports of merchant pig iron from the Black Sea region in fact dropped at the time of record high premiums over scrap due to squeezed margins, implying that supply of pig iron from the CIS is much more cost-driven rather than demand-driven.
Premiums for imported merchant pig iron (MPI) over prime ferrous scrap hit record highs in the major MPI import market of the United States, but does it mean MPI will follow scrap prices down? The premium for MPI on the cfr Gulf basis over busheling#1 on the delivered Alabama basis reached $60 per metric tonne in the beginning of June, the highest level since early December 2016. Domestic scrap prices in the US declined for three consecutive months, while merchant pig iron markets have been more reluctant to...
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