After a consultation period that ended on August 9
, Fastmarkets has launched its pig iron, import, cfr China, $ per tonne assessment, effective on Thursday August 26.
Market sources expect China to import pig iron in increasing volumes due to its evolving steel industry. They also believe that pig iron will play a vital role in the decarbonization of the steel sector in China.
China imported approximately 5.6 million tonnes of pig iron in 2020, more than five times the 1.0 million tonnes it imported in 2019. In the first seven months of 2021, the country has imported 1.4 million tonnes of the steelmaking raw material.
The proposed specifications for the price assessment are as follows: