China's pig iron price boosted rapidly

November 19 MetalBiz--It is reported that due to the price rising as well as the tight supply in the steel market, China’s pig iron market maintained an increasing momentum over the past few days.

On November 17, L10 steel-making pig iron offered 2,610-2,650 yuan per ton(U.S.$382-388 per ton) in Hebei China (EXW price including VAT).

Sources noted that in the past few days, some manufacturers advanced the price by 150 yuan per ton.

A trader from Tangshan unveiled that prices of domestic and imported iron ore both increased since early November, which supported the iron ore market, meanwhile the demand also improved.

A trader in Qingdao claimed that the sale was good in earlier this month, and had sold out its steel-making pig iron quotas of November to contract clients.

The aforesaid trader said the heavy snow in north China last week made the transportation interrupt for several days, which led the pig iron inventory of traders and steel mills decrease. He added that since last week, the pig iron transport had been hindered, and the manufactures took this opportunity to increase offers, but the price should call back slightly within a few days.