Steel making pig iron prices have receded by USD 20 per tonne during the week. Although it is being offered at USD 490 - 495 per tonne CFRFO the actual booking is being done at USD 455-460 per tonne against bid of USD 470-480 per tonne with extremely tight validity of less than a day.
Scrap in Italy has lost Euro 15 - 20 per tonne.
It is clear indication of a downtrend although clarity will dawn in the coming week.