According to market sources, the rebound of import scrap prices in Turkey, along with a steady strength in global raw material prices, has resulted in an uptrend for basic pig iron (high manganese) prices.
Low manganese pig iron prices in the CIS region, on the other hand, unexpectedly dipped lower than the previous week. Meanwhile, Brazilian low manganese offers continue to trend stable.
For the week ended February 24, basic steelmaking pig iron from Brazil increased by $5/mt to $295-300/mt FOB Southern port and $305-315/mt FOB Northern port. Sources note that reduced availability following recent deals, strong US scrap prices, and recent increases in CIS prices may result in another price increase soon. Sources say sell agreements are being planned for May/June shipments from the northern region. “The translated $335/mt CFR New Orleans rate now could rapidly move up to $350/mt CFR New Orleans again,” said one source.
For the week ended February 24, exporters of Russian basic pig iron were reportedly testing the market with an additional increase of $15/mt on basic steelmaking pig iron (high manganese). Offer prices are now being heard at $300-315/mt FOB Baltic Sea. This prices reflect an increase of $15/mt from prices reported on February 10.
Nodular and foundry pig iron grades (low manganese) in the CIS were heard moving down $10/mt from the top of the previous range of $330-350/mt FOB Baltic Sea to $330-340/mt FOB Baltic Sea in the week ended February 24. Brazilian origin nodular and foundry pig iron grades are being heard at $350-360/mt FOB Brazilian port.