On August 31, SteelOrbis reported ex-CIS basic steelmaking pig iron offers stable week-on-week at $390-395/mt CFR US port which translated to approximately $380-385/mt FOB Baltic Sea.
According to a source, some trading activity from the Baltic Sea has been heard through the week for both basic steelmaking pig iron and low-manganese or foundry grade pig iron. Ex-CIS offers for basic steelmaking pig iron are reportedly still at $390-395/mt CFR US. Due to the slight softness in the latest US scrap export and domestic prices, US buyers are not expected to transact deals above $390/mt CFR US. According to a source, trades at $380-385/mt CFR US port “have probably continued in the week but $370-375/mt CFR US port may be the new trade level that surfaces given the present market uncertainty and recent slight softness on global raw material prices, although, deep price erosion is not expected.”
As several CIS producers have reportedly traded low-manganese pig iron at $415-418/mt FOB Baltic Sea or approximately $425-428/mt CFR to various destinations, the source reported current offer prices at approximately $415-422/mt FOB or $425-432/mt CFR US. Compared to the wide range of $410-430/mt CFR US reported by SteelOrbis on August 24, offers on the grade have increased $15/mt from the bottom of the previously reported range and $2/mt from the top of the previously reported range.