Brazilian Pig Iron suppliers increase Pig Iron prices to US as US domestic scrap prices move up and for August, it was expected a week ago that further gains by $10-20/t will take place, which now has anticipations up to $40/t.
North Brazil is offering 50,000 to 70,000 t of material or more at ($405/t FOB) at $420/t C&F New Orleans, $10/t more than last months transactions.
US buyers are asking at $415/t C&F New Orleans realizing that prices might rise further and that it will be better to make deals at some discount. No deals have been concluded so far. Below 30,000 to 40,000 t of is available at ($415/t FOB) $430/t C&F New Orleans to US mills and trading companies.
South Brazil suppliers are offering below 50,000 t at $410C&F New Orleans ($390/t FOB) this week and higher quantity at $10/t more. Due to weak export demand they are selling in local market at BRL 770/t ($376/t EXW).
Both North and South Brazil exporters might not reduce offers though August output is unsold. They are making price rise step by step so that some bookings take place.
CIS suppliers have sold out August output and are not offering September output at the moment.
Rusisan exporters are also done with the same due to production cut of merchant material. A deal concluded at t the start of last week at $400/t C&F New Orleans ($370/t FOB Black Sea Ports).
Brazil will witness few export contracts in the second week at current offers.
US market might witness low trading volumes as most steelmakers re-stock in July.
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