On December 1, SteelOrbis reported basic steelmaking pig iron offers at $365-370/mt FOB Northern Brazil port. Market sources inform SteelOrbis that ex-Brazil basic steelmaking pig iron offers are presently at $370-375/mt FOB Northern Brazil port or approximately $385-393/mt CFR US port. The FOB offer price has increased $5/mt over the past week.
Additionally, a cargo for February shipment was recently traded at $340/mt FOB Southern Brazil port. Due to higher freight costs from the region, the source estimates the price at around $370-375/mt CFR US port. Following the recent increases in US domestic scrap prices along with positive scrap price expectations for the first quarter in 2018, offers are expected to remain firm and possibly increase for February and March shipments.