Brazilian pig iron prices rise as US buyers face limited supply options

Prices for pig iron in Brazil have increased despite efforts by US-based buyers to lower them. It has been confirmed that a US buyer has purchased a 55,000-metric-ton (mt) cargo, presumably for May shipment, at $430/mt FOB South Brazil. The Brazilian producers resisted offers at $420/mt and this resulted in the acceptance of their asking price of $430. According to industry sources, the freight to the US was pegged at $27/mt for a CFR price of $457/mt. This cargo of pig iron has a Phos. level of 0.15% max.   

Shortly after this occurred, another cargo changed hands at $445/mt FOB, resulting in a delivered price of $467/mt. This cargo has a lower Phos. content of 0.10% max as opposed to 0.15% max, and it originates from North Brazil. However, other US buyers claim they are now being offered pig iron with 0.15% Phos. max at $445/mt CFR U.S. ports.