PRICING NOTICE: Launch of China pig iron import price assessment

Fastmarkets on Thursday August 26 launches a fortnightly assessment of the China pig iron import price, reported on a US-dollar-per-tonne-cfr-China basis.

After a consultation period that ended on August 9, Fastmarkets has launched its pig iron, import, cfr China, $ per tonne assessment, effective on Thursday August 26.

Market sources expect China to import pig iron in increasing volumes due to its evolving steel industry. They also believe that pig iron will play a vital role in the decarbonization of the steel sector in China.

China imported approximately 5.6 million tonnes of pig iron in 2020, more than five times the 1.0 million tonnes it imported in 2019. In the first seven months of 2021, the country has imported 1.4 million tonnes of the steelmaking raw material.

The proposed specifications for the price assessment are as follows:

MB-IRO-0178 Pig iron, import, cfr China, $ per tonne
Quality: Manganese 1.25% max; Phosphorus 0.15% max
Typical weight: 5kg per piece, max 25kg per piece
Quantity: Minimum 5,000 tonnes
Location: cfr main ports China
Timing: 6-12 weeks
Unit: $ per tonne
Payment terms: Letter of credit on sight
Publication: Fortnightly, Thursday, by 6pm Shanghai time.

To provide feedback on this price, or if you would like to provide price information by becoming a data submitter, please contact Tianran Zhao or Paul Lim by email at: pricing@fastmarkets.com. Please add the subject heading: “FAO: Tianran Zhao/Paul Lim, re: China pig iron prices.”

To see all of Fastmarkets’ pricing methodology and specification documents, go to https://www.fastmarkets.com/about-us/methodology.

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