Average pig iron prices remained stable in April in some regional markets, while in others they rose by up to $10 per ton. In one of the key markets—Brazil—average prices rose from $475/t to $483/t in April.
Brazil
Prices for Brazilian pig iron rose amid steady demand from both the U.S. and the EU. According to Platts, April prices for pig iron from southeastern Brazil remained in the $470–480/t range for most of the month, rising to $480–485/t by the end of the period.
According to the Brazilian Steel Manufacturers Association (IAB), statistics for the Brazilian pig iron market show mixed trends. On the one hand, pig iron production in March totaled nearly 2 million tons, up 14% from February. In the first three months of 2026, the figure decreased by 1% y-o-y to 6.4 million tons. At the same time, in February, pig iron exports fell by 24% m-o-m to 287,000 tons, following a 7% m-o-m decline in February. In January–March of this year, the figure rose by 25% year-on-year, reaching 1.1 million tons. The main export destination in March was the United States—247,500 tons of pig iron at a price of $402/ton on FOB terms.
Europe
According to Kallanish, the average price of pig iron in Italy rose by approximately $40 per ton in April compared to the end of March. Prices for Brazilian pig iron in Italy exceeded $520/t on a CFR basis in April, while buyer offers remained closer to $500/t (CFR).
Brazilian suppliers, who traditionally focus on the U.S. market, have recently turned their attention to Europe due to the introduction of the CBAM and the ban on Russian pig iron imports into the EU. In March, Brazil shipped 36,000 tons of pig iron to Europe at a price of $431/ton on FOB terms.
Ukraine also remains an important supplier of pig iron to Italy. Prices for Ukrainian pig iron in April were approximately $510/t on a CFR basis, excluding CBAM payment costs. At the same time, Ukrainian pig iron was sold more actively at $505/t in the US (on a CFR Nola basis), where there is no need to pay CBAM fees.
Turkey
Average pig iron prices (on a Black Sea FOB basis) rose by $8 in April to $363/t. At the same time, the strengthening of the Russian ruble continues to hold back Russian pig iron exports, widening the gap between suppliers’ target prices and acceptable market levels.
The Turkish pig iron market remains extremely volatile. According to the Turkish Statistical Institute (TUIK), in March of this year, pig iron imports to Turkey rose by 42% MoM (in February, there was a 25% MoM decline), reaching 240,000 tons. The largest and, in fact, the only supplier last month (as in February) was Russia, which supplied 238,000 tons of pig iron (+69% y/y) at an average price of $353/ton.
Amid volatility in pig iron imports, domestic production in Turkey surged. According to WorldSteel, output in March increased by 12.5% y/y to 0.94 million tons. In the first three months of this year, the figure rose by 17% y/y to 2.7 million tons.
Other markets
In other regional pig iron markets, prices remained stable in April. Domestic pig iron prices in China (including 13% VAT) ranged from $424 to $427 per ton in April.
According to Metallplace, prices for pig iron on the Indian market stood at $398–400/t last month.
As previously reported, global pig iron production in January–March 2026 fell by 2% compared to the same period in 2025, to 340 million tons. The largest pig iron-producing countries for this period were China—211 million tons (–2.9% year-on-year), India—40.5 million tons (+6.2% year-on-year), and Japan—14.4 million tons (–2.5% year-on-year).
Courtesy: https://gmk.center/en/
