Miller on Pig Iron: Buyers eye lower prices

Since the US ferrous scrap settlements for May have been finalized, steelmakers are turning their attention to continued pig iron flows with the wind behind their backs. Scrap prices dropped substantially for May and buyers are looking to lower pig iron prices, which actually increased during the first scrap downturn of the year in April.

Although pig iron prices are not directly coupled to scrap prices, they do trend together most of the time, despite denials from each side, depending on which way the winds are blowing.

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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