As sanctions have been imposed on Russia after its invasion of Ukraine and its exports are totally blocked now, prices in the global pig iron market will go up with mainly Brazilian and Indian suppliers left as the major sources of supply.
In particular, a Brazil-based basic pig iron (BPI) supplier concluded a sale of 35,000 mt at $600/mt FOB last week, which is significantly higher than the previous contract price and was voiced as a target level by suppliers last week. The previous booking from Brazil was at $545/mt FOB to the US, as SteelOrbis reported on February 18. The new level for ex-Brazil BPI has not been announced yet. Market sources are reporting many inquiries at the moment. Though there has been no confirmation on the destination of the pig iron sold last week from Brazil, it will most probably be the US, sources believe.