On June 27, SteelOrbis reported ex-CIS low-manganese or foundry grade pig iron offers at $370-380/mt FOB Baltic Sea or $380-390/mt CFR US port ranges.
According to a source, while offers continue in the ranges above, acceptable prices are presently at $360-365/mt FOB Baltic Sea or $370-375/mt CFR US port. In CFR terms, the workable price is lower by $10/mt from the bottom of the offer range and $15/mt from the top of the same range. Some US bound volume has reportedly been negotiated successfully at this range due to overall slow pig iron demand.
While the latest deal price range trended down, a source noted that with the positive outlook in the US and global markets on raw materials, CIS offers may be able to achieve deals within the offer ranges as Q3 approaches and a positive Section 232 result provides more support for US domestic steel production. Additionally, an increase in demand from the EU could tighten supply.