Russian pig iron prices has risen

Pig iron has risen to $400 per ton. The export price reached the level of April last year.

From mid-March to the end of July 2023, pig iron became cheaper. The minimum price was fixed on July 24 – $330 per ton on a FOB Black Sea basis. Then recovery growth began. 

In the first ten days of January, Russian exporters offered pig iron even at $420-440 per ton, depending on the quality, but the “working level” of quotations is still somewhat lower. Not all Russian suppliers offer pig iron on the foreign market; some steel producers prefer to increase their own consumption, which also supports export prices.

The increase in the costs of raw materials (iron ore, scrap and coking coal) and final products (semi-finished steel and hot-rolled products) also contributes to the increase in prices.