International Pig Iron Price in Wait and See Situation

International pig iron market price is in wait-and-see tone. Current export price of Indian pig iron is FOB US$ 430 per tonne (about 36,000 yen), increasing by US$ 5-10 from last month, according to Japanese large dealer source. However, the dealer said, the present market is quiet with no country to purchase pig iron aggressively.

In April, pig iron export price from India, Brazil, Russia and Ukraine exceeded FOB US$ 500 per tonne. The price downed to around FOB US$ 400 along the decline of international ferrous scrap price at the end of June.

Successful bid price in India, participated by national steel makers and traders, has edged upward since late July. Successful bid price was FOB US$ 430.75 at the tender held by MMTC, a national trader, in late August. The price was higher by US$ 11 than the bid price at another tender held by Visa Steel in early August.

Japanese large dealer source said there isn’t anticipation for pig iron price’s upsurge when ferrous scrap market price lowered and no country shows intention to purchase pig iron.