Northern region pig iron offers to the US moved further up today amid active deals. Offers for steelmaking basic pig iron grade moved up $20/mt today from earlier in the week to $265-275/mt FOB Brazil port Northern region, $260-270/mt FOB Brazil port Southern Region, or $270-285/mt CFR New Orleans. Several deals from North Brazil are rumored to have closed with US producers at $260-265/mt FOB Brazil port this week giving offers an upward swing prior to the weekend. The price increase is supported by rising global coking coal and scrap prices.
A source close to SteelOrbis noted, “We are hoping for the beginning of a price recovery in the steel industry. Presently it is supported by the rising prices in coke and scrap. Hopefully, demand will also gain steam.”