The US import BPI (basic pig iron) market has been lacking clarity after the announcement of the 50 percent tariff on Brazil, which is the major supplier of pig iron to the country. The market is not in a panic as customers have sufficient inventories for now, but workable prices have increased indicatively, and negotiations have been focused on Asian origins.
The absence of Brazilian sellers in the import market in the US have brought the workable price level to $445-460/mt CFR, up by $12.5/mt on average from the level seen before the announcement of tariffs on Brazil. There has been a rumor about ex-India BPI sale at $445-450/mt CFR, “but no confirmation as the duty will make it unworkable,” one of traders said. The reciprocal tariff on India has been preliminary at 26 percent (to be effective from August 1), but India is in active negotiations with the US at the moment. Just today, Commerce Minister of India Piyush Goyal has said that India is making "fantastic progress" in its trade deal talks.
A bit earlier, Indonesia has reached an agreement and the tariff for its shipments has been lowered from 32 percent to 19 percent. President Trump also said that the reciprocal tariff rate on Vietnam will be at 20 percent, significantly down from the initially announced 46 percent.