Analysis
May 29, 2026
Pig iron import market prices keep climbing
Written by Stephen Miller
The pig iron import market in the US continues its upward price movement.
This is based on a recently concluded purchase in South Brazil. SMU has confirmed with a large Brazilian sales channel that a cargo was concluded at $530 per metric ton (mt) CFR US port.
The ocean freight was in the $30/mt range, which makes the FOB Brazil figure about $500/mt. This is an increase since the last US sale from this particular channel of $18.50/mt.
In the last six-months, pig iron from South Brazil has continually risen. In November 2025, the Brazilian FOB price bottomed out at approximately $375/mt.
The recent $500/mt FOB sale represents a $125/mt increase, a significant jump from six months earlier. It should be mentioned that HRC in the US gained $175/mt during the same period. The 10% tariff on pig iron may have narrowed these figures. However, refunds may be attainable.
The US market is still in a short position for pig iron availability. Brazil has less material available due to limited charcoal production.
SMU heard from a Brazilian trade source who indicated traders are short material. He said, “Production is still lower than expected for this time of year!”
He also mentioned that US buyers are having to compete with domestic demand in Brazil for the available production. This is largely responsible for the price escalation in the last month. He predicts the August FOB price will exceed $500/mt.
In the January-April period, Brazil has shipped 1.15 million mt to the US market, according to reports from Brazil’s Commerce Department (SECEX).
If this pace of shipments continues throughout this year, it will approximately match the level of 2025 shipments. The question is – will that happen and will it be enough?
Pig iron shipments from Ukraine have slowed during to last several weeks as war damage has led to some producers declaring force majeure on some orders. However, material is still flowing. According to the Ukrainian State Customs Service, Ukrainian producers shipped ~638,000 mt to the US during the first four months of 2026. But it is looking like these levels of shipments may not be able to be maintained.
There are reports of Indian pig iron being sold to the US at prices competitive with Brazilian material. It is questionable if India can fill the gap in supply the US may require given the increasing production of flat-rolled steel.
