Pig Iron and Ferrous Scrap Markets Still Under Pressure

There appears to be a lot of uncertainty in the ferrous scrap and pig iron markets as we move into the second half of February and start taking a peak into what March scrap and pig iron pricing may look like.

One of our pig iron sources advised SMU that many of the Brazilian pig operations have closed down due to the low prices.  We were told, “There are really no spot prices on pig iron now.  There have been closures of producers in Brazil and have heard no offers from there recently.  There are some traders who may be long but who are offering either spot barges of material ex warehouse.  Those prices could be as low as $275-305 GT FOB Barge river port Chi/Pgh [Chicago/Pittsburgh].”