Global pig iron prices recovered after a fall

Price offers for pig iron shipments in Brazil increased to $430/t by the end of the month, FOB Ponta da Madeira, according to Metalplace. This corresponds to quotes at the beginning of December 2024. After stabilizing in January at $405/t, prices returned to growth. During February, Brazilian pig iron rose in price by $25/t.

In Italy, by the end of the last month of winter, prices returned to the January maximum of $372/t, FOB Marghera. Before that, throughout December and the first half of January, the offer was steadily at $367/t. A decline to $357/t was recorded in the first ten days of February, after which a rebound began.

There is no recovery in the Indian pig iron market. During February, prices remained stable at $362/t, FOB East Coast. The local maximum was held in the first half of December at $397/t. Then followed a decline to $362/t by the end of the first ten days of January.

Offers for Russian pig iron in January started at $317/t, FOB Black Sea. In the last ten days of February, they remained at the level of the January maximum of $335/t.

The upward trend in the pig iron market is directly related to the dynamics of prices for iron ore, the main raw material for production. Futures contracts on the Dalian Exchange in December 2024 fell from $106/t to $98/t. After which, during January-February, they returned to their previous level.

As previously reported, global pig iron production in January 2025 increased by 0,1% compared to January 2024 – from 112,18 million tons to 112,33 million tons. At the same time, compared to the previous month, the indicator decreased by 2,2%.