Exports transactions of Pig Iron in south east Brazil is anticipated to take place at low price i.e. below $400/t fob for October and November shipment.
Currently, material is also being quoted at $375/t fob but there has been no trades at this level as quantity offered is too less.
It was heard that 10,000 tons of Pig Iron was sold at $420/t cfr ($400/t fob) to USA and shipment is said to take place in small vessels next month. Exports to New Orleans is also expected to take place in October.
No other deals were signed at this level and producers might not quote prices lower than $380/t fob as offers in China is at $420/t cfr, in the range of $405-420/t cif at USA and at $405/t cfr in Ukraine which might fall to $400/t cfr in Ukraine.
In North Brazil, merchant Pig Iron sellers have closed sales looking at falling prices. Last deals of 45,000 tons were heard to be concluded at $435/t cfr south east region of US and 25,000 tons at $427.50/t cfr New Orleans. Currently, sales is almost nil.
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