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Brazil pig iron prices rise in busier market

Keywords: Tags  pig iron, Brazil pig iron, Carajas, Minas Gerais, juan weik

SAO PAULO — Export prices for Brazil’s merchant pig iron increased this past week on a growing appetite from buyers in North America.

A 30,000-tonne cargo was sold to a Mexican steelmaker at $415 per tonne c.f.r., up 1.7 percent from a similar deal closed last month at $408 per tonne, sources told AMM sister publication Steel First.

The cargo from producers in Brazil’s northern region of Carajás is scheduled to be shipped in September in a Handymax vessel to the Mexican port of Veracruz port. The price will be around $395 per tonne f.o.b., up from between $380 and $390 per tonne at the end of June in deals to the United States at $395 to $400 per tonne c.f.r. New Orleans.

There have been no reported transactions by Carajás producers with U.S. buyers over the past two weeks, but sources noted that import prices are higher in the United States.

"I think the price level here is around $410 to $415 per tonne c.f.r.," one U.S.-based trading source told Steel First.

One Carajás producer agreed with the current upward trend. "Scrap prices have recently increased in the U.S., so we’re a little more optimistic now," he said.

Russian basic low-manganese pig iron was recently sold to the United States at $410 per tonne c.f.r., Steel First understands.

In Brazil’s southeastern state of Minas Gerais, some producers sold a 23,000-tonne cargo to a U.S. steelmaker at $372 per tonne f.o.b. two weeks ago. The cargo is scheduled to be shipped in September to an East Coast port.

Minas Gerais producers are now looking at prices between $375 and $385 per tonne f.o.b., sources said.

A version of this article was first published by AMM sister publication Steel First.

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