Average pigiron prices rose by $10–15 per ton in May across most regional markets. In one of the key markets—Brazil—average prices rose to $480/t last month from $465/t in April.
Brazil
Prices for Brazilian pig iron rose amid a shortage in the U.S. market and strong domestic demand. Additionally, there was a slight supply shortage in the domestic market, as production had not yet recovered from the rainy season. According to Kallanish, May prices for Brazilian pig iron rose by $15 to $480/t (FOB). Meanwhile, Platts estimates show May quotations for the product from southeastern Brazil rising to the $490–500/t range on FOB terms.
Brazilian products also have good prospects in the European market, where pig iron is in demand due to the implementation of the CBAM and the ban on Russian pig iron imports to the EU. In addition, an agreement between the South American bloc Mercosur and the European Union entered into force on a provisional basis on May 1, opening new opportunities for Brazilian pig iron (the product is exempt from tariffs).
According to SECEX (the Foreign Trade Secretariat of Brazil’s Ministry of Development, Industry, and Foreign Trade), Brazilian pig iron exports fell by 7% month-on-month in April to 267,000 tons. Last month, the country shipped 259,000 tons of pig iron to the U.S. (on FOB terms) at a price of $428/ton.
Turkey
Average prices for pig iron (on a Black Sea FOB basis) rose by $8 in May, reaching $370/t. The increase occurred only toward the end of the period, as the strengthening of the ruble and declining demand held back the upward trend.
According to Kallanish, Russian offers exceed $410/t (on CFR terms) with freight costs of $25–30 per ton. At the same time, the current break-even production level in Turkey implies a price no higher than $390/t (CFR).
Indicators for the Turkish pig iron market remain quite volatile. According to the Turkish Statistical Institute (TUIK), in March of this year, pig iron imports to Turkey rose by 31% MoM (following a 25% MoM decline in February) to 221,000 tons. In the first three months of this year, pig iron imports to Turkey rose by 38% year-on-year to 616,000 tons. Russia was the largest supplier in the first quarter, delivering 553,000 tons of pig iron (+87% year-on-year) with a 90% market share.
Amid volatility in pig iron imports, domestic production in Turkey has surged. According to WorldSteel, pig iron output rose by 19% year-on-year in April to 0.9 million tons. Over the first four months of this year, the figure increased by 17.5% year-on-year – to 3.6 million tons.
However, starting July 1, when the European Union tightens steel import quotas (cutting them nearly in half, with a 50% tariff on imports exceeding the quota), the situation will change—this will significantly impact Turkish steel exports to Europe, which will inevitably affect pig iron import flows into the country as well.
Other markets
In other regional pig iron markets, prices remained stable in May. Domestic pig iron prices in China (including 13% VAT) held steady at $426–427/t in May.
According to Metallplace, prices for pig iron on the Indian market stood at $415/t last month. Compared to April, prices rose by $15 per ton. This led to increased demand for the product and entry into new markets: India emerged as a new supplier of pig iron to Turkey, shipping 51,000 tons in the first quarter (market share – 8.3%).
As previously reported, global pig iron production in January–April 2026 fell by 1.6% compared to the same period in 2025, to 456 million tons. The largest pig iron-producing countries during this period were China—282.3 million tons (-3.1% year-on-year), India—53.5 million tons (+5.4% year-on-year), and Japan—19.21 million tons (-1.8% year-on-year).
Courtesy: https://gmk.center/en
