October 2011

China favors stainless scrap alternative

Although China has sharply boosted its consumption of nickel pig iron, the London Metal Exchange’s nickel price will still play a key role in determining the price of nickel pig iron as well as primary nickel, according to an industry analyst.

Taigang cuts November nickel pig iron price by 4%

Taigang Stainless has cut its bidding price for high-grade nickel pig iron in November, reducing it by 4% from its latest offer in October

Iron ore shortage drives up Indian local DRI prices $42 per tonne

Prices for directly reduced iron (DRI) in Indian domestic markets have risen sharply on shortages of both the key raw materials – iron ore and coal

Venezuelan HBI export prices decline on lack of buying interest

Export prices for Venezuelan hot-briquetted iron (HBI) have fallen over the past two or three weeks on the back of lower demand from traditional markets such as the USA and Europe, market participants told MB

Nucor deal could push Brazil pig iron export prices down $50 this week

Export prices for merchant pig iron from Brazil’s northern region of Carajás could fall by about $50 per tonne this week because of a deal being negotiated with US steel producer Nucor, sources told MB

Russian-origin pig iron prices to Europe fall below $500 per tonne

Export prices for Russian-origin pig iron into southern European and Turkish ports for October production have followed Ukrainian prices below $500 per tonne fob Black Sea ports, market sources told MB

STEEL SUCCESS: Mena DRI steelmakers urged to target high-value market

Steelmakers in the Middle East should refocus their production away from lower value products, and they have the capability easily to do so, Gilles Calis of independent consultant SteelConsult said at the MB Steel Success Strategies conference in London on Tuesday

Brazilian pig iron export market quiet on low bids

Brazilian merchant pig-iron makers have stayed out of the export market, deeming bids from Asia and the USA too low, local sources told MB

CIS pig iron export prices fall further, producers eye output cuts

Prices of CIS-origin pig iron imports into southern Europe and the Baltic have fallen for a fifth week, reflecting the continued slowdown in demand across Europe as the economic crisis gripping the region worsens

CIS pig iron export prices hold below $500 per tonne

The price of CIS-origin pig iron exported into Europe remains below $500 per tonne due to concerns over the global economy, traders and brokers told MB this week