Additional support came from the broader raw materials complex. Rising slab and scrap prices created a firmer cost environment, indirectly strengthening pig iron values. At the same time, worsening weather conditions at ports restricted Russian shipments, tightening available supply and contributing further to the upward movement in prices.
During the first half of the month, Russian suppliers concluded deals in Türkiye totaling around 30,000 tonnes at $327–330/t FOB. For February delivery, pig iron prices in Türkiye were assessed at $352–355/t CFR, reflecting the stronger tone in the market.
Interest from buyers in Egypt was also reported, with price ideas at $320–325/t FOB. However, no transactions were recorded, as the limited supply prevented deals from materializing.
In Asia, activity from Russian exporters remained subdued. Offers were reported in the range of $305–310/t FOB, about $5/t higher than in December. Even with this increase, trading momentum stayed weak compared with the more active Turkish market.
According to data from the Turkish Statistical Institute, Türkiye’s pig iron imports surged by 71.6% in the first eleven months, reaching 2.15 million tonnes. Russia remained the dominant supplier, with shipments rising by 105.3% over the same period to 1.67 million tonnes. These figures underline Türkiye’s expanding reliance on imported pig iron and help explain the firm demand seen in January.
On the global stage, the ban in the European Union on Russian pig iron supplies, amounting to about 700,000 tonnes in 2025, has reshaped trade flows. This opened more room for material from Brazil and Ukraine, increasing their presence in the international market.
Brazilian prices, in particular, found support from stronger demand in the United States, helping lift global price levels. Several unconfirmed deals for Brazilian pig iron to the EU were reported at $435/t FOB, up $15/t from December.
In the US market, a contract for Brazilian pig iron with 0.15% phosphorus content was recorded at $415/t FOB, exceeding the previous deal by $5–10/t (around $440/t CFR). American buyers accepted higher pig iron prices as scrap costs were also rising, while supply options were limited. No offers were heard from India or Ukraine, keeping the raw material market tight.
Comments
No comment yet.