A lack of demand and falling scrap prices have brought down transacted levels for CIS pig iron exports by up to $45 per tonne, market participants said.

Ukraine's Donetskstal sold 20,000 tonnes to Turkish end-users in the past week for $295 per tonne fob Black Sea for November production, a mill source said.

Previous sales by CIS producers in mid-September were at $305-340 per tonne fob.

Offers from CIS producers last week were $300-310 per tonne fob. But another trader said then that mills would only be likely to accept firm bids at below $300 per tonne fob.

The trader believed decreased purchasing by China was also putting dowanward pressure on prices.

An Italian steelmaker said that a deal for CIS pig iron was heard in the past 10 days for $305 per tonne cfr Venice from the Black Sea. But he pointed out that the volume was very small and that the CIS producer may have simply cleared out stocks.

Italian mills have not made any firm purchases, because they are waiting for prices to fall below $300 per tonne cfr, the source said. But he also noted that many CIS producers are holding to their earlier offers of $300-310 per tonne fob.

The source also pointed out that scrap prices in Western Europe have fallen by an average €30 ($45) per tonne in recent weeks.