Russian pig iron export prices edged higher in February, rising by USD 4/t compared to January and reaching USD 324/t FOB. This increase was fueled by a combination of currency fluctuations and sustained demand, particularly from Türkiye. The ruble's strengthening against the US dollar also played a key role in supporting price levels.
Türkiye remained an active buyer, securing Russian pig iron at USD 330 per ton FOB at the start of the month, with prices later increasing to USD 335/t FOB (USD 355/t CFR Türkiye). A bulk transaction of 50 thousand tons was finalized at the end of February at USD 330/t FOB Black Sea. Rising scrap and pig iron prices in the U.S. provided additional market support, further reinforcing the uptrend.
Market expectations initially suggested a potential price decline once Russia’s export quota of 220 thousand tons was exhausted. Buyers anticipated a price range of USD 310-320/t FOB, but Russian suppliers held firm, setting offers USD 40/t higher than existing levels. Despite this, Russian pig iron continued to be more competitively priced than global alternatives.
Another significant factor was the depletion of Russia’s 700-thousand-ton European quota for 2025. This development led to a slowdown in market activity but helped maintain price stability.
Low-manganese pig iron prices increased during February, moving from USD 335/t FOB to USD 340/t FOB, with some offers extending to USD 350/t FOB. Sellers remain optimistic, expecting buyers to resume restocking raw materials in the near future.
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