US import pig iron prices strengthen on positive market sentiment

Prices for import pig iron in the United States rose in the week to Friday December 30 on reduced stocks and expectations of higher scrap and steel prices in early 2023

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.

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