Pig iron market picks up speed after March scrap settle

Pig iron channels in Brazil have been patiently waiting for the US scrap market for March to form, so they could assess their increases in offer prices. It seems the overall price jump for prime scrap in the US amounted to ~$30 per gross ton (gt). It did not take very long for the first cargo to change hands.

According to a director of a large channel in Brazil, one cargo was sold to the US at $475 per metric ton (mt) CFR New Orleans.

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.

Stephen Miller

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