On September 28, SteelOrbis reported ex-Brazil basic steelmaking pig iron offer prices at $375-385/mt CFR US port.
According to market sources, a few ex-Brazil pig iron deals have been heard in the market at $372-376/mt CFR US port. One of those recent deals destined for the US was reported at $350-352/mt FOB from the southern Brazil region. Offer prices are reportedly stable at $375-386/mt CFR US port.
The source noted that offers are still being carried over from the past two weeks as US buyers have not increased activity, but he noted that some sellers are informing of the potential for offers to “increase as October progresses.” The increase in scrap prices in the US domestic market in the early October buy-cycle along with expectations for another increase in US scrap prices in early November is motivating sellers to warn of their intention to firm up offers.