CRU
January 11, 2024
CRU: Ore-based metallics prices rose slightly outside of the EU
Written by Brett Reed
Pig iron prices rose month over month (MoM) in all major regions aside from Europe on improved buying. Demand in the US remains robust while market participants report that availability of Brazilian material increased after tightening a month prior. Meanwhile, Ukrainian export capacity increased due to greater access to temporary sea corridors.
In the CIS, pig iron prices increased $10 per metric ton (t) MoM to $395/t FOB Black Sea. Ukrainian pig iron exports also increased as Ukrainian exporters now have better access to temporary sea corridors. However, freight rates were elevated due to military activity in the Red Sea. Heavy congestion was being reported at land borders between Ukraine and the European Union, driving exporters to utilize maritime shipments due to the increased export capacity.
