As all these initiatives unfold, one is left with the feeling that disruption of the global order is their primary purpose. As the old order is destroyed, it is time to think carefully about what will take its place.
There has been a pause this month in new pig iron transactions between Brazil and the US due to uncertainty around US tariffs.
After reaching historic lows late last year, import volumes have increased each month of 2026, according to recently released US Commerce Department data.
One possible reason for the lull in activity is the ambiguity of the tariff treatment of Brazilian pig iron following an announcement last week from the Office of the US Trade Representative (USTR) about Section 301 tariffs.
The Office of the US Trade Representative has proposed a Section 301 tariff carve-out for direct-reduced iron (DRI) and hot-briquetted iron (HBI) from Brazil while planning higher tariffs for other major suppliers.
The pig iron import market in the US continues its upward price movement.
The total volume of raw steel produced around the world fell 4% in April following the one-year high seen in March, per World Steel Association figures.
Although price levels have been quite favorable recently in the Brazilian pig iron market, there does not seem to be enough production to keep the pipeline intact.
Ternium SA’s profits more than doubled in the first quarter as work continues to advance at its industrial center in Pesqueria, Mexico.
The prevailing sentiment for May is that #1 busheling and bundles are likely to increase. This may cause pig iron to continue its upward trajectory.
Pig iron availability in the US is in short supply, various sources reported to SMU. However, based upon figures for Q1'26, pig iron shipments from Ukraine and Brazil are at high levels.
The pig iron market in Brazil continues to rise, despite US scrap prices trading sideways to down for April.
The pig iron market in Brazil has been quiet lately. There have been few bids or offers made by market participants.
The pig iron market in the Brazil-to-US trade flow is showing strength as supply concerns and increased logistical costs impact recent sales negotiations.
SMU has confirmed the US sale of 55,000 metric tons (mt) of pig iron at a price of $440/mt FOB South Brazil, according to an executive in the Brazilian trade.
Gerdau’s North American operations closed the fourth quarter of 2025 with another solid performance, according to its parent company’s most recent financial report. Supporting the steelmaker are resilient demand in key end-use markets and a continued rebalancing of domestic supply and imports.
Steel imports slowed further in December and January to some of the lowest volumes recorded in recent years.
Ternium SA has completed its buyout of Nippon Steel and Mitsubishi’s shares in Brazilian flat-rolled steelmaker Usinas Siderúrgicas de Minas Gerais SA – Usiminas (Usiminas).
There has been some recent activity of exports of basic pig iron from Brazil. Sources there agree on the activity but diverge on the pricing. What is new to the market in Brazil is the buying interest from the European Union, in particularly, Italy.
US rebar and wire rod prices rose month on month (m/m) alongside continued scrap increases, while merchant bar and structurals were unchanged.
Steel imports remain weak in November and December according to recently released final US Commerce Department data. Many of the sheet and plate products we follow slipped to multi-year lows.
Lower finished steel imports continued to support US domestic prices this month. HR coil prices are up more than $40 per metric ton (mt) month-on-month (m/m) due to higher seasonal demand in January and tightening domestic supply.
US steel imports have fallen sharply under the new 50% Section 232 tariff regime. Jerry Richardson, general director of CSN LLC, discussed on an SMU Community Chat this week how the market is now structurally tighter and more volatile than at any point in the past decade.
CSN LLC General Director Jerry Richardson will join Steel Market Update (SMU) for a Community Chat on Wednesday, Jan. 21, at 11 am ET.
The volume of steel shipped outside of the country increased 11% from September to October 2025 to a seven-month high of 662,000 short tons (st), according to recently released data from the US Department of Commerce.
According to recently released final US Commerce Department data, US steel imports rebounded 11% month on month (m/m) in October 2025 after falling to a multi-year low one month earlier. The latest license figures suggest imports eased back by 3% in November and by another 2% in December, with trade again nearing historical lows.
CSN LLC General Director Jerry Richardson will join Steel Market Update (SMU) for a Community Chat on Weds., Jan. 21, at 11 am ET.
The imported basic pig iron market has shown upward price movement over the last week.
The total amount of raw steel produced around the world slipped 3% from October to an estimated 140.1 million metric tons (mt) in November, according to World Steel Association (worldsteel) data. This marks the lowest monthly production rate since December 2023.
The price of pig iron looks to strengthen as producing nations cite rising ferrous scrap values.