The momentum of CIS merchant pig iron sales to the US has been interrupted by iron ore and steel price fluctuations in China, and a correction in Turkish scrap prices in the past week. But suppliers are keeping their cool as they deem the US to still have great buying potential, at prices targeted before the recent corrections.

As was anticipated, after one Russian supplier achieved $550/tonne cfr Nola three weeks ago, another Russian supplier sold a 60,000t May-loading cargo at $570/t cfr Mobile. While activity in the US spot BPI import market has ceased, market participants maintain that US buying potential has been unaffected, and expect US buyers to return to the negotiating table without delay.

CIS mills continue to indicate unchanged levels to all destinations. The only other sale that was conducted was a 5,000t lot to Turkey at $573/t cfr, also late last week. The $545/t fob Black Sea netback reflects earlier, April-loading availability and small size. Italian buyers are understood to be in negotiations, with some suggesting deals were struck. But this is still unconfirmed, including the price, with one trader suggesting a workable pig iron import price is at $575-580/t cfr Italy.