Prices for Brazilian pig iron fluctuated between $400 and $410/t in September

Export prices for Brazilian pig iron in September ranged from $400–410/t, compared to $400–405/t in August. The exemption of Brazilian pig iron from US tariffs did not stimulate market conditions. Brazilian producers are resisting price cuts and plan to reduce output, while US buyers are insisting on a discount of $15 per ton, according to SteelOrbis.

Against this backdrop, Brazilian pig iron exports remained extremely volatile. According to the Brazilian Steelmakers Association (IAB), exports fell 48% in August compared to July, to 288,400 tons, after growing 57% in July. This sharp decline is explained by the fact that exporters shipped August volumes to the US back in July to avoid tariffs that were ultimately not imposed.

Pig iron shipments from Brazil to the US fell by 60% in August compared to July, to 196,500 tons. As a result, part of the volume was redirected to Europe and Asia at prices of $437/ton and $502/ton on FOB terms, respectively.

Total pig iron production in Brazil in August amounted to 2.2 million tons, which is 1.3% more than in July. In January–August, production fell by 1.3% y/y – to 17.3 million tons.

According to Metallplace, pig iron prices on the Indian market remained stable at $350/t in September. At the same time, the Black Sea market experienced a decline: prices on a Black Sea FOB basis fell to $311/t in September from $322.5/t at the end of August.

Domestic pig iron production in Turkey continues to decline: in January–August, output fell by 10.8% y/y – to 6.2 million tons. In August, production grew by only 0.8% y/y to 0.9 million tons, which was the first increase in the current year after seven months of decline.

At the same time, imports rose sharply. According to TUIK, pig iron deliveries to Turkey in August increased by 66% y/y – to 76.7 thousand tons, mainly due to an increase in imports from Russia (65.7 thousand tons) – more than three times compared to August 2024. Russian pig iron was supplied at a price of $354/t, with an average import price of $356/t.

Overall, in January–August, pig iron imports to Turkey increased by 60% y/y – to 1.48 million tons. Russia took the leading position with a volume of 1.1 million tons (+82% y/y), accounting for 74% of total imports.

It should be noted that average prices for Brazilian pig iron fell slightly in August, fluctuating in the range of $400-405/t, compared to $400-410/t in July. Prices on a Black Sea FOB basis stabilized at $311/t. Russian exporters focused on sales in the Far East.

As previously reported, global pig iron production in January–August 2025 decreased by 1% compared to the same period last year, to 931 million tons. The largest pig iron producing countries at the end of the period were China – 579.1 million tons (-1.1% y/y), India – 102.2 million tons (+7.7% y/y), and Russia – 39.5 million tons (-0.7% y/y).