There was no pig iron trading activity from the Black/Baltic Seas during the last ten days, with buyers in large consumer markets Turkey and Italy remaining quiet, sitting on sufficient stocks. Their low bids remained unmatched by Russian suppliers.

In Turkey, despite firm imported scrap values and expectations for the return of buying activity following the election, the lira devaluation against the dollar weighed on import attractiveness in general. There were also reports of sufficient stocks in Turkish ports, as well as in Russia’s Novorossiysk port, with the voyage to Turkey lasting only a few days. Turkish customers were bidding at $380-400/tonne cfr Turkey. Russian suppliers considered the bids unjustified amid firm and mostly rising imported scrap values in Turkey. Turkish scrap buyers, however, do not expect import prices to continue increasing due to large availability, Turkey's unstable
economy and the depreciating lira. "The market in Turkey is showing minimal interest as buyers are seeking prices below $400/t cfr. For retail sales, pig iron is available from Turkish ports supplied by truck at $410/t, but there is a lack of significant purchasing activity," a Russian trading source says.

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