A source linked to pig iron producers in the southeast of Brazil told SteelOrbis that exports of the steelmaking grade product are currently negotiated in a range of $350/mt to $360/mt, FOB conditions.
According to the source, by mid-September producers were reluctant to close deals at $370/mt FOB, but with the devaluation of the local currency (BRL) throughout the month, many producers have accessed the market with offers for export, negatively affecting the prices.
In August, Brazil exported 157,500 mt of pig iron, with the steelmaking grade priced in average at $388/mt and the foundry grade at $423/mt, both FOB conditions.
The main destinations were the US (55,700 mt), Mexico (55,000 mt) and Italy (23,000 mt).