Pig iron export price continues rise in China

Pig iron export price continues rise in China

According to overseas reports, South Korea’s pig iron import price from China was recently $335-$340 per ton CFR. The booming pig iron market situation in East Asia has boosted China's export quotation to $325/ton FOB, which is equivalent to $340/ton CFR for South Korea. Such a price level is confirmed by South Korean steel giant POSCO, which imports pig iron from China at $340/ton for May 2005 delivery. At the same time, however, POSCO also purchases pig iron from Russia at $334.50/ton CIF. Hwan Yong Steel Corp recently purchased 5000 tons of pig iron from China for May delivery via the Glencore International Company at a price of $339/ton CFR. Some market news hints that along with rising cost of sea freight, some traders may attempt to drive up the quoted price of pig iron in Russia by $5/ton. The quoted price of pig iron for July to September delivery has reportedly risen to $318/ton FOB. Meanwhile, it is said that US-based Nucor recently purchased pig iron at a price of $309/t FOB. Moreover, Brazil sells their pig iron at a price of $320/t CIF New Orleans.