Brazilian pig iron export prices began to flatten due to poor demand, mainly in the US and Mexican markets. However, the onset of the country's rainy season in early November could provide some price support as production declines.
According to the sources, the average export price of pig iron has decreased by USD 5-10 per tonne and now stands at USD 345-350 per tonne in Brazil.
“Over the past two weeks, Brazilian pig iron producers have made some price adjustments, but have kept their export offerings unchanged,” says an international trader. “The rainy season is starting in Brazil and iron ore production is set to drop. However, domestic demand is stable. "
It is assumed that at most of the plants, the output of pig iron for export will decrease until January 2019. “There were no new transactions last week. Brazilian mills can maintain current pig iron levels for a long time as there is not enough material in stock. The market looks calm ahead of the expected slowdown in demand in 2019, ”the source adds.
Pig iron demand in the European market has also declined in recent weeks. According to international market participants, supplies of CIS pig iron reached $ 370-375 per ton of the Black Sea.
Brazilian Pig Iron Export Prices Maintain Stable Outlook
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