According to sources close to SteelOrbis, ex-CIS basic steelmaking pig iron offers to the US are presently at $330-345/mt FOB Baltic Sea. This range continues trending sideways from the mid-May $330-350/mt FOB Baltic Sea range, although, down $5/mt from the top of the range. Freight costs to the US from the Baltic Sea are estimated at approximately $10/mt currently. This range translates to approximately $340-355/mt CFR US port.
With prices for basic steelmaking pig iron at $320-345/mt CFR Italy heard over the past week as a benchmark, which are down $25/mt from the bottom of the $345-350/mt CFR range in early June, along with the drop in prices of coking coal and iron ore, one source stated that ex-CIS pig iron deals to the US are expected to reach $335-350/mt CFR. Additionally, this range will in turn place downward pressure on ex-Brazil basic pig iron offers which are presently at $355-370/mt CFR US port.
Low-manganese or foundry grade pig iron offers were at $380-390/mt FOB Baltic Sea in early June which reflected a decline of $10/mt from the mid-May pricing of $390-400/mt FOB Baltic Sea. A source noted that low-manganese pig iron offers are presently at $370-385/mt FOB Baltic Sea or $380-395/mt CFR US port. This price range reflects a decline of $10/mt from the bottom of the early June range and $5/mt from the top of the same range.