Brazil Pig iron export prices continued to increase in the week to Friday August 7 on further sales to China and the United States.
Fastmarkets’ price assessment of pig iron, export, fob port of Vitoria/Rio, Brazil was $340 per tonne on Friday, up from $325 per tonne a week earlier.
Early this week a cargo was sold to an international trader for the Chinese market at $333 per tonne fob. That cargo was heard to be resold to a Chinese buyer at $364 per tonne cfr.
Later in the week, another cargo was sold to a trader at $340 per tonne fob, and lower bids were heard to be rejected by suppliers.
“As soon as the iron ore price reached a new high, the pig iron price in China has increased again,“ one trader said.
*** Fastmarkets’ index for iron ore 62% Fe fines,
Fastmarkets’ index for iron ore 62% Fe fines, cfr Qingdao was $119.21 per tonne on August 7, up from $110.58 per tonne on July 30 due to higher demand in China amid increasing steel output.
Only one cargo was heard to be available from the south of Brazil for November shipment at the time of publication.
*** price assessment of pig iron
Fastmarkets’ price assessment of pig iron, export, fob Ponta da Madeira, Brazil was $327-332 per tonne on Friday, up by $10 per tonne from $317-322 per tonne a week earlier.
Fastmarkets learned of a sale to the US at $340 per tonne cfr, equivalent to about $327 per tonne fob. It was done under a long-term agreement.
Other sources have estimated the workable level in the US at $345-350 per tonne cfr, or about $332-337 per tonne fob, “to make the price in the US more or less equal to the Chinese market level.“
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