Brazil pig iron fetches higher price at US mill
Dec 17, 2009 | 12:02 PM
| Michael Marley
Pig iron producers in northern Brazil have sold two Panamax cargoes of iron to a major U.S. mini-mill for $360 a tonne, with one cargo to be delivered to an East Coast port and the other to New Orleans, U.S. industry sources said.
That price is up about $20 a tonne from previous sales of pig iron and a recent sale from an eastern European merchant iron producer at $350 a tonne delivered to New Orleans.
One U.S. iron trader said the production of pig iron in Brazil plunged to about 30 percent of capacity earlier this year as the U.S. steel industry's operating rate sank to around 40 percent, and left mills with the opportunity to buy more scrap and avoid alternatives like pig iron and hot-briquetted iron.....
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