The Italian billet and pig iron market is still looking downwards, with some price corrections having been recorded since the end of May. Sources indicate to Kallanish that this negative trend could continue for a little longer.

Italian buyers are not ordering billet from the CIS. Locally-produced billet is available at €340-350/tonne ($379-390/t) ex-works but could go down some €10/t further in the coming weeks. Producers are also offering material to Turkish buyers at €350/t ex-works, in line with the prices reported for exports from the CIS.

Meanwhile domestic pig iron buyers are still avoiding imports. Purchases are being concluded at just below $350/t cif from stocks currently sitting at the docks or from positions available from traders. Sources note nevertheless that stocks at the port are reducing and new orders from producing mills in the CIS are set to be placed soon, Kallanish hears.