Export pig iron prices from Brazil bucked an increasingly pessimistic trend in the global market and remained strong during the week to Friday May 28, mainly due to long lead times.
Fastmarkets’ price assessment for pig iron, export, fob port of Vitoria/Rio, was $620 per tonne on Friday compared with $610-620 per tonne fob one week earlier.
The latest sales from the south of Brazil were heard at $620 per tonne fob. Current offers were $620-630 per tonne fob, sources said.
“Iron ore dropped a lot, which puts pressure on steel prices and the pig iron market,” a source from Brazil said. “But suppliers have strong order books and can wait and see where the situation will turn.”
Said another source: “The scrap market is strong in the US, flats are extremely strong and domestic pig iron demand is very good, so for the moment suppliers are in a pretty strong position.”
Fastmarkets’ price assessment for pig iron, export, fob Ponta da Madeira, Brazil was $650 per tonne on May 28, up from $635 per tonne on May 21, on higher estimations of the workable market level in the US.
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