On May 15, SteelOrbis reported offers for Brazil origin basic steelmaking pig iron to the US at $365-370/mt FOB Northern Brazil port and $345-350/mt FOB Southern Brazil port. The offers translated to $375-390/mt CFR US port.
On May 19, SteelOrbis was informed that US firms sought basic steelmaking pig iron from the Northern region at $355-365/mt CFR which translates to $345-355/mt FOB Northern Brazil port. Transactions in this price range have not been confirmed.
According to a source close to SteelOrbis, a US buyer recently purchased basic steelmaking pig iron from the Minas Gerais region at $340/mt FOB Southern Brazil port which translates to approximately $370-375/mt CFR US port and only $5/mt lower than the previously reported deal from that region in FOB terms. A source noted that the recent transaction will boost seller expectations in the North during ongoing negotiations along with the sideways trending outlook for US domestic scrap in June, but as shipments under discussion are for months in the future, much market uncertainty exists. The $340/mt FOB Southern Brazil port level translates to $360-365/mt FOB Northern Brazil rate due to lower freight costs from the closer location.