On May 15, SteelOrbis reported stable offers for Brazil origin basic steelmaking pig iron to the US at $365-370/mt FOB from the Northern region and $345-350/mt FOB from the Southern region. The offers translated to $375-390/mt CFR for shipments arriving in mid- to late-summer.
According to sources close to SteelOrbis, US and Brazilian firms are presently negotiating additional pig iron purchases, but prices under discussion for basic steelmaking pig iron from the Northern region are presently in the range of $355-365/mt CFR which translates to $345-355/mt FOB Northern Brazil port. While no confirmed deals have yet been reported, the US bids are relatively firm, especially given the price ranges available from the CIS region, general market uncertainty, lower coking coal prices, and an expected increase in availability of pig iron supplies in late summer from both the CIS and Brazil.
A reduction in deal prices, as previous offers have generally reflected active deal ranges, would move prices from the Northern region down by $20/mt in FOB terms. From the latest Brazilian deals reported at $370-372/mt CFR US port, prices would reduce by about $15/mt from the bottom of the range and $7/mt from the top of the range.