On February 27, SteelOrbis reported pricing on basic steelmaking pig iron at $350/mt CFR New Orleans (NOLA) and foundry grade pig iron at $390/mt CFR New Orleans (NOLA) for new material being purchased from Brazil.
Recently, deals to the US at $320/mt FOB Northern Brazil port and to Italy at $305/mt FOB Southern Brazil port have increased export prices for Brazilian pig iron.
As of March 8, import offers on basic steelmaking pig iron to the US continue their upward movement and offers are presently at $315-325/mt FOB Southern Brazil port and $335-345/mt FOB Northern Brazil port, which are equivalent to $355-365/mt CFR NOLA from either destination. In CFR terms, basic pig iron prices have increased $5-15/mt since early last week. Foundry grade pig iron offers have increased $10/mt on the top of the range and are being heard at $390-400/mt CFR NOLA.
Brazil shipped 236,952 mt of pig iron in February 2016 compared to 144,566 mt in the same month a year earlier. Export of Brazilian pig iron to the US totaled 106,137 mt in February 2017 compared to 66,687 mt in February 2016. Exports to Italy surged to 76,613 mt this February, up from just 54 mt in in February 2016.