Consumption was also pressured by concerns over a potential tightening of regulations in EU countries on imports produced using Russian raw materials. In the first half of the month, Russian exporters raised pig iron prices by $7.5/t to $320/t FOB. Offers to the Türkiye market were assessed at $345–350/t CFR, though no transactions were reported. Overall, the market was characterized by ample supply and limited demand.
In the second half of December, Russian exporters reduced pig iron quotations by $10/t to $300–320/t FOB. Indicative workable levels for Türkiye narrowed to $330–340/t CFR, with no information on concluded contracts in the Türkiye market. One large-volume deal of 40,000 tonnes was reported with an Asian buyer at $340–345/t CFR. This price level corresponded to November quotations of $300–305/t FOB.
Pig Iron Market Statistics in Türkiye
According to data from the Turkish Statistical Institute (TUIK), pig iron imports into Türkiye increased by 73.4% year-on-year to 1.86 million tonnes over the first ten months of the year. Russia remained the largest supplier during this period, expanding shipments by 108.7% to 1.45 million tonnes.
Global Pig Iron Market Situation
In the global pig iron market, participants focused on discussions around the new European carbon tax (CBAM) and its potential impact in 2026. Despite high uncertainty regarding future pricing, Brazil is expected to be in the most advantageous position, while Asian suppliers are likely to face greater challenges. According to the latest document published by the European Commission, Brazil and Ukraine recorded the lowest carbon levy indicators, which may result in a division of the European pig iron market between these two countries. Pig iron prices are expected to rise in 2026.
By late December, Ukrainian pig iron offers to the EU were reported at $425–430/t CFR. In the US market, a contract for Brazilian pig iron with 0.15% phosphorus content was fixed at $405/t FOB, exceeding the previous deal by $10/t and corresponding to a CFR level of $430/t.
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