Steel Prices
CRU: Pig iron prices stable to low in key markets amid soft demand
Written by Brett Reed
May 16, 2025
Pig iron prices declined in the US and Brazil, while being stable month over month (m/m) in the CIS and Europe. Soft demand in most markets has contributed to reduced buying activity. Market participants in both the US and Europe noted that most buyers are patiently waiting for prices to reduce as they have enough inventory at hand.
In the US, pig iron price declined by $15/ton m/m to $460/t CFR NOLA. Buying activity has stayed weak even after President Trump paused the reciprocal tariffs by 90-days and instead imposing a standard 10% tariff rate on most countries, including key pig iron exporting countries. Considering the additional cost from tariffs and reduced scrap prices, market participants report that buyers are bidding in the $445-$450 /t CFR range, although no transactions has been reported at these levels.
Pig iron prices in Brazil also fell, by $5/t m/m to $475/t and $445/t FOB for the Northern and Southern markets, respectively. Pig iron demand in Brazil has weakened as steel production has reduced in response to low finished steel demand. Additionally, higher imports of finished steel products have also weighed on pig iron consumption.
Meanwhile, European pig iron import price is stable at $475/t CFR Italy while HBI import price increased by $10/t m/m to $370/t CFR Italy. Buying interest reduced over the last several weeks as mills were cautious in raising steel output amid weak demand.
CRU understands that several buyers are sitting on the sidelines, anticipating prices to reduce in the near term. Meanwhile, CIS pig iron export price declined by $18/t to $321/t FOB Black Sea.
With the EU quota on imports of Russian pig iron exhausted, Russian export volumes have fallen. Russian exports have primarily been destined to India, the Middle East, and Turkey.
This article was first published by CRU. To learn about CRU’s global commodities research and analysis services, visit www.crugroup.com.
Brett Reed
Read more from Brett ReedLatest in Steel Prices
SMU price ranges: Sheet and plate prices tick higher again
Steel prices inched higher again this week across most of the sheet and plate products tracked by SMU.
Cliffs raises prices, seeks $950/ton for July spot HR
Cleveland-Cliffs plans to increase prices for hot-rolled (HR) coil to $950 per short ton (st) with the opening of its July spot order book. The Cleveland-based steelmaker said the price hike was effective immediately in a letter to customers dated Monday.
Nucor’s hikes list price for HRC by $10/ton
Nucor raised its published weekly spot price for hot-rolled (HR) coil by $10 per short ton (st) on Monday.
Doubled S232 lifts EU, Japanese CR prices over US tags
US cold-rolled (CR) coil prices edged up again this week, and most offshore markets moved in the opposite direction. But the diverging price moves stateside vs. abroad did little to impact pricing trends. The bigger impact was from Section 232, which were doubled to 50% as of June 3. The higher tariffs have resulted in […]
CRU: Sheet demand remains weak, tariff changes again alter markets
Subdued demand has continued to weigh on steel sheet prices globally.