Basic steelmaking pig iron is presently being quoted at $298-303/mt ($270-275/nt) DDP Chicago. According to a Chicago based trader, "With scrap dropping this month and most likely again in October, I am expecting the basic pig market to settle by year end between $276-298/mt ($250-270/nt) DDP Chicago." Foundry grade remains at $391-413/mt ($355-375/nt) DDP Chicago due to the lack of trading, but is also expected to adjust downward by year end.
Basic steelmaking grade offers from Brazil are being heard at $238-240/mt ($216-218/nt) FOB Brazil and $280-285/mt ($254-259/nt) FOB Brazil for foundry grade.
Due to low import supplies, ex-Brazil pig iron prices in New Orleans continue to be heard at the levels previously reported by SteelOrbis in early September, though, on the lower end of the range. Basic steelmaking grade is at $250/mt ($227/nt) CFR New Orleans and foundry at $290/mt ($263/nt) CFR New Orleans. A source close to SteelObris noted, "No new numbers in the last few weeks are being heard because the pig market remains very quiet largely due to the weak scrap market."