On July 3, SteelOrbis reported ongoing negotiations for ex-Brazilian basic pig iron to the US for late August and September production with prices revolving around $350-355/mt FOB or $360-365/mt CFR US port. The suppliers were expected to remain firm on pricing due to upward trending strength in global raw materials and, specifically, tight supply and continued high demand of prime grade scrap material in the US domestic market.
As of mid-July, no final deals have been announced. The previous deals in May and June were heard at $325/mt FOB Southern Brazil port ($340-345/mt CFR US port) and $340-345/mt Northern Brazil port ($350-355/mt CFR US port) with the most recent being the Southern deal which was completed as raw material prices experienced a short slump. According to sources, Brazilian producers are still in negotiations and seeking to achieve deals at $360-370/mt CFR US port given the higher present global coking coal, scrap and iron ore prices.