Published by: Christian Willbern<>
24 Mar 2025 @ 21:05 UTC

US pig iron prices remained stable this week as market participants paused activity ahead of the International Iron Metallics Association (IIMA) meeting held on March 24-26, sources told Fastmarkets.

[I] haven’t been hearing anything new…everyone’s going to the IIMA meeting next week, and then we’ll hear more, a US source said.
Market sources shifted their focus to the event, while also keeping a cautious eye on potential US port fees on Chinese built/owned vessels and supply disruptions.
Vessel owners are cautious about bringing anything into the US, the US source said.
In early March, President Donald Trump proposed US port fees of up to $1.5 million on Chinese-owned and built vessels as part of a larger plan to bring back US ship manufacturing.
The port fees could add upward of $20-50 per tonne on imported pig iron cargoes, depending on the vessel cost and size, sources told Fastmarkets.
We don’t have the industry to build ships; it’s not going to benefit us in any way, a second US source said.
Sources said the port fees could be enacted as soon as April 24, and would also extend to any vessel owners that owned any Chinese-built vessels, which is about every single vessel owner, the second US source said.
The second US source said that they have a hard time seeing it happening, as most people are against it.
On the other hand, a third US source noted that pig iron prices could cool amid bearish expectations for the upcoming US domestic ferrous scrap trade.
Some US scrap sources expect the supply overhang and uncertainty surrounding potential US tariffs to dampen prices in April.
I heard scrap is likely sideways to down for next month, which could drive everything else [raw material wise], the third US source said.
The third US source said potential upswings amid the looming tariffs could be limited, as US steelmakers already jacked up their prices and took advantage of the tariffs, so overseas steelmakers would be selling at the same price with the additional 25% tariff.
As a result, Fastmarkets’ weekly assessments for pig iron basic grade, Brazil and for pig iron basic grade, Ukraine/Russia, fob New Orleans stood at $485-525 per tonne on Monday March 24, unchanged from the prior week.
Brazilian foundry pig iron prices stagnated this week amid limited sales and production, sources told Fastmarkets.
It’s so depressed right now, the second US source said.
Fastmarkets’ assessment for pig iron foundry grade, Brazil, fob New Orleans stood at $575-595 per tonne on Monday, unchanged week on week.
Hot-briquetted iron (HBI) prices remained unchanged amid a lack of fresh spot market activity, sources told Fastmarkets.
HBI is still based on contracts, but we’re working on a few conversations…no movement yet, the third US source said.
As a result, Fastmarkets’ weekly assessment for hot-briquetted iron, fob New Orleans was unchanged at $410-445 per tonne on Monday.