On September 29, SteelOrbis reported a Northern region basic steelmaking pig iron deal to the US at $380/mt CFR US port or an estimated $360-365/mt FOB Northern Brazil on freight of $15-20/mt. Basic pig iron offers to the US were then reportedly at $370-375/mt FOB.
Sources inform SteelOrbis that the week ended October 6 was quiet for ex-Brazil pig iron. Reportedly, no new deals have been transacted to the US and offers for basic steelmaking pig iron have widened the bottom of the range down by $5/mt to $365-375/mt FOB from the Northern region.
A source stated, “With increasing confidence of strong export steel numbers from China for the remainder of year, the few lower Brazil origin pig iron offers may disappear soon, but the slight erosion of flat steel prices in the US domestic market recently may put some downward pressure on pig iron negotiations, too.”