The Russian pig iron export market remained relatively resilient throughout June, even as declining scrap prices continued to pressure sentiment across the global ferrous market. Export values changed little over the month, averaging around $375/t FOB, as suppliers resisted deeper price cuts despite subdued buying activity.
At the beginning of June, Russian exporters maintained offers at approximately $375-380/t FOB Black Sea, in line with transactions concluded in late May. However, demand from Türkiye remained limited, with most buyers focusing on the falling scrap market rather than securing pig iron cargoes. As scrap prices continued to soften, Turkish mills delayed purchases in anticipation of more attractive offers.
Selling pressure increased during the middle of the month, leading Russian suppliers to reduce offers to around $370-375/t FOB. Even so, the decline was relatively modest compared to the sharper correction seen in the scrap market. Turkish buyers continued to target significantly lower import levels, expecting prices closer to $385/t CFR, while suppliers showed little willingness to match these expectations.
One of the main reasons behind the market's resilience was the limited availability of export material. The stronger Russian ruble reduced exporters' competitiveness, while lower pig iron output at Ural Steel further tightened supply. As a result, producers preferred to protect margins instead of aggressively lowering prices to stimulate sales.
Higher-grade pig iron followed a similar trend during June. Prices for July shipments eased slightly, falling by around $5/t to approximately $415-420/t FOB. Although demand remained subdued, the correction was measured rather than dramatic due to the restricted supply situation.
By the end of June, market activity remained quiet. Large-volume export cargoes from Russia were largely absent, and most suppliers refused to offer substantial discounts. Market prices stabilized within the $370-375/t FOB range, although these levels were mostly indicative since very few transactions were concluded. The majority of available offers shifted to August shipment.
Only a limited number of small-volume cargoes were reported to Türkiye at approximately $392-395/t CFR, while most offers remained close to $400/t CFR. In addition, a medium-sized cargo was reportedly sold to the MENA region at around $400/t CFR, indicating that suppliers were still able to secure export business without making major pricing concessions.
On the demand side, Türkiye's pig iron imports continued to show mixed trends. Although imports during the first four months of 2026 exceeded last year's levels, April volumes declined compared to both March and the same month of 2025. Russia remained by far Türkiye's dominant supplier, significantly increasing shipments during the January-April period, while India continued to account for only a relatively small share of total imports.
Globally, the pig iron market also remained largely stable. Brazilian exporters continued offering material to the United States at around $495-500/t FOB despite seasonal supply constraints caused by the rainy season. Nevertheless, buyers showed little interest in accepting higher prices. In Europe, offers remained near $535/t CFR, although purchasing interest was generally concentrated around $520-525/t CFR. Market participants also reported an unconfirmed transaction during the second half of June at approximately $535/t CFR, equivalent to around $490-495/t FOB.
Overall, the Russian pig iron market demonstrated greater stability than the scrap sector during June. While weak demand continued to limit trading activity, constrained supply, currency support, and lower production prevented a sharper decline in export prices. Unless scrap prices experience another significant correction or demand from key import markets improves, the market is likely to remain balanced with only limited price fluctuations in the near term.
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