On October 3, SteelOrbis reported CIS origin basic steelmaking pig iron offers to the US at $370-385/mt CFR US port, which translated to approximately $360-375/mt FOB Baltic Sea. On October 9, SteelOrbis reported Northern Brazil origin pig iron offers to the US at $365-375/mt FOB or approximately $375-385/mt CFR US port. Generally, Brazilian offers were trending close to a $380/mt CFR deal in late September and CIS deals were estimated close at $370-380/mt CFR US port.
The market remained quiet for the first two weeks in October on market uncertainty. Sources inform SteelOrbis that the latest ex-CIS pig iron import purchases by US mills reflect decreased prices by $30-35/mt compared to those in late September.
The decline in US domestic scrap prices in the October buy-cycle along with softness in domestic steel prices allowed mills to put downward pressure on pig iron import prices. Additionally, global coking coal, coke, and iron ore prices have also encountered soft pricing contributing to the downward trend in pig iron raw material input costs. The latest ex-CIS pig iron deal price range that has surfaced is reportedly at $340-350/mt CFR US port. Lower deal prices on pig iron from Brazil are expected to follow.