On May 30, SteelOrbis reported ex-Brazil basic steelmaking pig iron deals to the US at $410/mt CFR level and ex-CIS deals to the US at $405-415/mt CFR. Sources inform SteelOrbis that US mills are expected to resume import pig iron purchases as the month ends after a relatively long quiet four to five-week period.
A source has stated that deals this week in Brazil softened from the southern Brazil region to $375-380/mt FOB from $390/mt FOB a week ago. This price range generally translates to $400-405/mt CFR to most destinations, though, the source could not confirm if any deals were for the US market. Offers to the US remain stable at $410-415/mt CFR.
Limited roll-over offers for basic steelmaking pig iron from the CIS region to the US continue at $410-415/mt CFR. A source noted, "If offers next week trend as heard to Italy at up to $420/mt CFR, US may see an increase in offers."
Buyers are reportedly seeking deals at $400-405/mt CFR, although, pig iron production in both the CIS and Brazil regions are reportedly “tight in summer production and outlook is August and September at a time when US steel prices and demand are strong.”