Published by: Marina Shulga<>
28 Mar 2025 @ 16:09 UTC

Pig iron import prices in Italy increased during the week to Thursday March 27 on the first bookings from Ukraine since suppliers there increased offers significantly, Fastmarkets heard.

One exporter from Ukraine sold pig iron to the Italian market for distribution, which normally goes to foundries, several market sources told Fastmarkets.
The transaction price was roughly $480 per tonne CFR, while recent offers from the supplier were about $485 per tonne CFR.
The last bookings for Ukraine-origin material were made in mid-February at about $425 per tonne CFR. But import prices in the US, the key export destination for pig iron from Ukraine, increased rapidly in the second half of February and as a result, Ukrainian suppliers were no longer interested in trade with Italy where prices were much lower.
At the same time, the Italian market was not ready to accept the higher offers from Ukraine because they had large volumes of Russian material on stocks – the latest price of which was $350 per tonne CFR.
Russia-origin pig iron is no longer available for EU buyers because its quota was exhausted in early March.
As was expected by sources, distributors who deal with Italian market were the first to accept the higher price as an alternative to Russia-origin material, because almost all of the quota for Russian pig iron was bought by steel mills.
Steel mills have enough Russian pig iron on stocks for months in advance, one distributor told Fastmarkets. Meanwhile, distributors will need to buy Ukrainian material, but not in large volumes to keep its distribution price high.
Estimations of the workable price level from sources on the buyer side were about $450-470 per tonne CFR, depending on the supplier.
Fastmarkets’ weekly price assessment for pig iron, import, cfr Italy was $450-480 per tonne on March 27, up $20 from $430-460 per tonne a week earlier.
Russia’s pig iron export market Activity of Russian pig iron exporters was heard only in Turkey over the pricing period.
Offers from one supplier remained at $380 per tonne CFR in Turkey, which would be about $360 per tonne FOB.
Sales were heard at $345-355 per tonne FOB depending on the supplier.
Fastmarkets’ weekly price assessment for high-manganese pig iron, export, fob main port Black Sea, CIS was $345-360 per tonne on Thursday, widening downward by $5 from $350-360 per tonne a week before.