Published by: Marina Shulga<>
3 Mar 2025 @ 12:45 UTC

Prices for exports of pig iron from Brazil and for imports into the US went up further in new deals during the week ended February 28 amid favorable market conditions, Fastmarkets has heard.

The latest sales from Brazil were agreed at $430-435 per tonne FOB Rio. The newest offers were raised to $440-445 per tonne FOB.
There is demand [now] and the worst times in the market [seem to be over]. There are not many cargoes available for May any more, one supplier from Brazil said on Monday March 3. He added that, with Carnaval starting on Monday, many market participants will be absent for a week, which will slow trading activity.
Fastmarkets’ weekly price assessment for pig iron, export, fob port of Vitoria/Rio, Brazil, was $430-440 per tonne on Friday, widening upward from $430-435 per tonne a week before.
Sentiment is bullish given the price rally in the US [for steel scrap and hot-rolled coil] and a high number of requests from the EU, one buyer from the US said.
Demand for Brazil- and Ukraine-origin pig iron was expected to increase in the EU with the exhaustion of the quota for Russia-origin imported material, forcing buyers to compete for supplies.
New bookings of Ukraine-origin pig iron were heard in the US at $470 per tonne CFR late last week. During the period, estimates of the market price were reported predominantly at $465-470 per tonne CFR, from sources on both the supplier and buyer sides.
Consequently, Fastmarkets’ weekly price assessment for pig iron, import, cfr Gulf of Mexico, US, was $465-470 per tonne on Friday, narrowing upward from $460-470 per tonne the week before.
And the price assessment for pig iron, export, fob Ponta da Madeira, Brazil, was $445-450 per tonne on Friday, unchanged week on week.