On May 8, SteelOrbis reported 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 after a downward correction.
According to sources, transactions are presently limited and offers continue to hover in the same range. While US demand is expected to remain relatively strong, the steel market is awaiting direction given the recent market volatility and unknown depth of downward potential on scrap prices during the annual summer slowdown. Mills tend to have lengthy planned maintenance outages during the season, but final summer outage plans are yet unknown and prices on US finished steel goods have been heard soft or sliding in recent weeks.