US PIG IRON: Prices down but market unsure of latest levels
The market for pig iron imports in the United States went down during the week to Friday September 3 on active bookings at lower prices.
Russia-origin pig iron was booked at $530-535 per tonne cfr, several sources reported.
Another deal was done for pig iron from the north of Brazil at about $530 per tonne cfr.
One source, however, said that the deals from both Russia and northern Brazil was done last week but were not widely heard in the market.
A cargo of high-phosphorus pig iron was booked from the south of Brazil, for which sources have reported different prices within the range of $525-535 per tonne cfr.
“[The price of] scrap is falling in the US - that affects the general market mood, and pig iron prices in particular,” one buyer said. “China has bought several cargoes, but it doesn’t mean that they are in the market for a long time. So it is too early to say that the problem of oversupply has faded.”