CIS PIG IRON: Market down on pessimistic buyers, iron ore fall

The export market for pig iron from the Commonwealth of Independent States went down during the week to Thursday August 19 due to buyer pessimism and a fall in iron ore prices.

Fastmarkets assessed the price for high-manganese pig iron, export, fob main port Black Sea, CIS at $525-540 per tonne on Thursday, down from $540-560 per tonne the previous week.
"Trade has been muted - buyers have been very bearish, citing oversupply," one trader said. "And sentiment turned even more negative once iron ore [a strong indicator for the global steel market and a raw material for pig iron] prices collapsed."

Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao was calculated at $132.66 per on August...

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