Russian basic pig iron (BPI) export prices have been relatively stable over the past two weeks and the latest deals have been mainly done to Turkey, while European customers have been less interested in ex-Russia material as the EU quota is nearing its end.
The SteelOrbis reference price for ex-Russia BPI has been at $310-335/mt FOB Black Sea with the midpoint at $322.5/mt FOB, stable for the past two weeks. Though the tradable level for Russian material in India is still below $300/mt FOB, mills have been not eager to offer to this market. Market sources said that some producers in Russia have been focusing on steel semis or longs sales, while some are planning maintenance works, and so they are less aggressive than in the fourth quarter of 2024.
At the same time, the latest deal price level for Russian BPI to Turkey was reported at $330/mt FOB earlier in the month and at $335/mt FOB last week. The price is for basic pig iron, sources said, and it is equivalent to $355/mt CFR. “They [Russian mills] have been sending a lot of quantities to Turkey for the last few months already,” a local source said.
In Europe’s import BPI market, there have not been many changes, with ex-Russia BPI purchases being limited as the quota for this year is very close to finishing. “About 100,000 mt of the quota is left now [out of 700,000 mt for 2025], so the market is stable,” a European source said. The buyers’ price idea for ex-Russia BPI is standing at $340-350/mt CFR for the past few weeks, translating to $310-320/mt FOB Black Sea. “The real last deal prices are secret,” one European source said, adding that steel mills are bidding at the abovementioned level.
However, there has been talk that a cargo of ex-Ukraine pig iron has been sold to Europe at $425/mt CFR. “For non-Russian [origin BPI], I guess around that level is workable but not for steel mills, as they are asking for much lower,” another European source said.