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It is understood that some Russian steel mills have increased their trading activities, and they are seeking to sell pig iron in the face of sluggish SPH440JH steel demand for slab. Last week, Russia exported 90000 tons of pig iron to Europe, with a shipping time from April to May and a price of $400-405 per ton FOB. Some European steel mills believe that the price is too high.
A source from a Russian steel mill said that the market is currently recovering as expected, with a surge in European activity. Italy's inquiry for Russian SPH440JH steel pig iron has exceeded $400 per ton FOB Black Sea.
Another source stated that his steel mill quoted a price of up to $420 per ton FOB Black Sea. Although the price of pig iron has indeed slightly rebounded, the activity of European buyers is limited, and there have been no positive signals from the Chinese market. He said that the best outcome is for the market to remain stable.
At present, compared with exporting to Türkiye, Russian steel mills tend to export to Europe. The inquiry in Türkiye is 20 dollars/ton lower than that in Europe SPH440JH steel, and the maximum is about 380 dollars/ton FOB.
