The price situation on regional pig iron markets in August was characterised by an upward trend. In the Black Sea region, India and China, prices rose slightly, whilst pig iron prices in Brazil stabilised at $475/t (FOB).
Brazil
According to Kallanish, prices for Brazilian pig iron on FOB terms stabilised at $475/t in August, despite expectations that the exemption from 25% US tariffs would reduce the product’s export price (the exemption came into force on 22 July). According to Platts, at the end of last month, quotations for pig iron from south-eastern Brazil ranged between $460 and $470 per tonne on FOB terms; however, the market remained sluggish as no new deals were concluded.
At the end of August, the US resumed purchases of Brazilian low-phosphorus pig iron. According to Kallanish estimates, market participants expect offer prices to remain at $480/t FOB in the near term, whilst acceptable transaction prices are expected to be in the range of $465–470/t.
In July, pig iron exports from Brazil rose by 14% compared with June, to 342,000 tonnes. The increase was driven by a significant rise in exports to the US following a period of uncertainty in early July over whether Brazilian pig iron would be exempt from US tariffs. The main export destinations were the US — 291,000 tonnes at a price of $468/tonne — and Europe — 45,000 tonnes at $490/tonne. Between January and July, pig iron exports from Brazil fell by 5.9% year-on-year – to 2.25 million tonnes. The US remained the largest export destination, purchasing almost 1.76 million tonnes.
Turkey
In August, average FOB prices for pig iron in the Black Sea region rose by $3 compared with the end of July, reaching $355/t. In Turkey, prices remained relatively stable at $380–385/t CFR.
Pig iron exports from Russia came under severe pressure in August: freight rates rose sharply to $38–40/t against a backdrop of drone attacks and a shortage of vessels caused by shipowners’ reluctance to call at Novorossiysk. Trade from the Black Sea was effectively blocked and suspended, causing prices to fall nominally and the market to stagnate. The weakening of the rouble provided some support to Russian exporters; however, high freight costs are forcing them to raise CFR prices to $400–415/t in Turkey.
This has led to Russian cast iron becoming more expensive than imported scrap on the Turkish market. In turn, Turkish buyers reduced their purchases due to the seasonal lull and the impact of the CBAM in the EU, switching to alternative sources of supply.
In September, Russian pig iron shipments will be redirected from the Black Sea region to the Baltic region. Against the backdrop of these changes and high logistics costs, Russian sellers have stepped up their efforts and are attempting to raise prices.
The Turkish pig iron market remains highly volatile. According to the Turkish Statistical Institute (TUIK), in July this year, pig iron imports into Turkey rose by 24% month-on-month (following a 1.4% month-on-month decline in June), to 309,000 tonnes. Russia accounted for the entire volume of imports in July.
China
According to SteelOrbis, domestic pig iron prices in China (including 13% VAT) ranged from $417 to $423 per tonne in August. In the first seven months of this year, pig iron production in China fell by 3% year-on-year – to 496 million tonnes.
India
According to Metallplace, prices for pig iron on the Indian market rose by as much as $20 in August, reaching $413/t (FOB). Indian suppliers were offering pig iron at a discount of nearly $50/t compared with the Brazilian product, which is fuelling US interest in purchasing. Indian prices are significantly lower than the break-even point for most Brazilian producers.
As previously reported, global pig iron production in the first half of 2026 fell by 1.8% compared with the same period in 2025 — to 689 million tonnes. The largest pig iron-producing countries for this period were China — 426.64 million tonnes (−2.8% y-o-y), India — 79.35 million tonnes (+4% y-o-y) and Japan — 29.16 million tonnes (−0.4% y-o-y) .
Courtesy : https://gmk.center/
