US
pig iron demand has remained very quiet over the last month as US
scrap and long product prices have softened.
SteelOrbis learns that there are hardly any
pig iron transactions currently being concluded by
US steel mills. US mills have already bought the
pig iron tonnages they needed to increase steel
production over the past several months and as steel demand has since cooled off, producers are not expected to return to the
pig iron market in the short-term.
Currently, on the higher end of the pricing spectrum,
pig iron is offered from northern
Brazil and
Russia to the US at about $345/mt CFR Nola. With this month’s US
scrap price decrease of approximately $30 to $35/ton,
pig iron offers are expected to follow suit and drop around $35/mt to the level of $305 to $310/mt CFR Nola.