CRU: Pig iron prices stable to low in key markets amid soft demand

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.