A major pig iron independent producer in the Brazilian southeastern state of Minas Gerais told SteelOrbis that the most recent deals for export of the nodular foundry grade product were closed at $455/mt and $465/mt, FOB Brazilian port, against $450/mt closed less than one month ago.
For the steelmaking grade product, the reference price remains in the $384/mt range.
Sources added that although the demand remains strong for the higher quality foundry grade product, the same cannot be said about the steelmaking grade product, which is suffering from the poor performance associated to the steel industry.
In the Brazilian domestic market, the foundry grade product is currently sold at BRL 1,270-1,280/mt, ex-value added tax (US$571-$576/mt).
The independent pig iron producers in the northern states of Para and Maranhao are focused on the production of the steelmaking grade product for export, while the producers in the southeastern states of Minas Gerais and Espirito Santo can produce both grades and serve the local and export markets.