The CIS pig iron export market has turned to Asia after the US booked a Russian cargo at the equivalent of around $360/tonne fob Black Sea ten days ago. But despite considerable interest from China returning, none of the CIS mills were able to trade due to their high expectations, traders say.

According to Kallanish price series, the market remains firm, just below the record level of $365/t FOB CIS registered at the end of September.

Indeed, the sale to the US earlier in mid-October has sufficiently emboldened suppliers to offer at a minimum of $360/t fob Black/Baltic Sea, for remaining December/January-production volumes. As bids from China are still in the region of $383-387/t cfr, depending on the origin, this level is not workable especially with traders' involvement. Nevertheless, some sources expect China to table firm bids at $390/t cfr this week amid ongoing tightening of environmental restrictions.

Thus far, smaller higher-grade shipments are working better, with another 10,000-tonne Russian low phosphorous parcel sold to Taiwan at $392/t cfr for February arrival. This was dispatched from the Russian Far East, with freight unlikely to exceed $15/t, traders say.