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    August 23, 2024

    Alternative metals market - Q4 showdown looms

    Written by Stephen Miller

    The basic pig iron (BPI) market remains virtually unchanged despite perceived weakness in other ferrous materials, such as scrap, billets, HRC and iron ore. For the US, Brazil has been the main source of BPI imports since the Russian-Ukrainian conflict arose in 2022. There have been no imports from Russia and only spotty shipments from Ukraine since then. Prior to 2022, combined Russian and Ukrainian production comprised over 65% of US BPI imports, primarily due to their lower Phos. content. Their relative absence from the market has limited the sources from where US-based steelmakers can economically import. This has created a shortage that has kept prices of Brazilian BPI elevated when compared with ferrous scrap in the US. Several countries in Europe are still importing from Russia. If they weren’t, the US shortage would be even more severe.

    Brazil exports

    Stephen Miller

    Stephen Miller started his career in the scrap metal industry in 1978 at Luria Brothers in Cleveland. Over the last 40-plus years, he has worked in all capacities in the trading business. He has had positions in both domestic and international scrap trading. In addition to scrap, Miller was at the forefront of the pig iron trade and established a pig iron distribution company under the name of Ferrosource, Inc. Most recently, Miller has concentrated on the scrap export market and regularly does consulting for several companies in the industry.

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