CIS PIG IRON: Suppliers bullish on higher iron ore costs, supply interruptions from Brazil

Pig iron exporters from the Commonwealth of Independent States (CIS) were bullish during the week ended Thursday February 7 on increased iron ore costs and supply interruptions from Brazil after Vale’s dam collapse in Brazil.

Fastmarkets’ price assessment for CIS exports of high-manganese pig iron was $325-335 per tonne fob Black Sea on February 7, up by $10 per tonne week on week. “Iron ore costs have increased, and the scrap price is strong in Turkey, so it’s time for pig iron to rebound,” one supplier from the CIS told Fastmarkets. Fastmarkets’ daily index for US-origin HMS 1&2 (80:20) scrap material was $327.73 per tonne cfr on Thursday, up from $305.85 per tonne the week before, on strong sales of billet and rebar. The price index for 62% Fe iron ore was $85.53 on February 7, up from $74.95 per tonne on January 25, when a tailings dam ruptured at a mine in Brazil owned by Vale. Brazilian miner Vale has declared force majeure on a number of iron ore and pellet contracts with customers, following the halt of its Brucutu mine in the state of Minas Gerais,...

Published

Marina Shulga

February 08, 2019

12:48 GMT

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