US import pig iron prices strengthen on positive market sentiment

Fastmarkets’ price assessment for pig iron import, cfr Gulf of Mexico, US was $480-490 per tonne on Friday, up by $5 per tonne $475-485 per tonne a week before.

Several sources estimated the market level at $480-490 per tonne CFR.

“There is a slight trend up — it seems the early indication is that prime scrap will go up again, as much as $50-60 per tonne,” one buyer said.

Said a trader: “Scrap [prices] are increasing, and also I think mills in the US have been working with low [pig iron] inventories.”

Pig iron suppliers are said to be seeking $500 per tonne CFR.

Meanwhile, the latest bookings of low-phosphorous pig iron from Brazil and from Ukraine were done at $475-480 per tonne CFR a week before.

Fastmarkets’ price assessment for pig iron, export, fob Ponta da Madeira, Brazil was $450-455 per tonne on Friday, narrowing from $435-475 per tonne a week earlier.

And Fastmarkets’ price assessment for pig iron export, fob port of Vitoria/Rio, Brazil was $440-450 per tonne on Friday, unchanged week on week due to the absence of market activity.