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    December 17, 2024

    Pig iron tags slip on soft ferrous raw materials demand

    Written by Stephen Miller

    The prices being paid by US-based buyers have continued to decline as ferrous raw material demand across the globe remains weak. In the US, prices for pig iron held firm during the first half of 2024. Mills here had to rely on Brazilian production to meet the majority of their needs. Even as the price of scrap continued its downward trajectory during the year, pig iron prices resisted the decline. 

    This started to change as pig iron prices fell dramatically in South Asia and other Far Eastern countries due to Russian sanctions and an oversupplied steel market courtesy of Chinese 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.

    Read more from Stephen Miller

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