As of March 20, average prices on regional pig iron markets have risen by $5–20/t. The rise in prices is partly due to limited supply caused by weather conditions in Brazil: FOB prices reached $450/t. Meanwhile, the pig iron market in Turkey is under pressure due to rising freight costs and weak demand.
Brazilian pig iron export statistics show a downward trend. In February, shipments fell by 7.3% MoM to 377,800 tons, following a 49% MoM increase in December. At the same time, over the first two months of the year, the cumulative figure rose 2.8-fold year-on-year, reaching 782,400 tons.
According to Kallanish, over the first 20 days of March, prices for Brazilian pig iron rose by $20 to $450/ton on FOB terms. The rise in prices is traditionally linked to the rainy season, which forces Brazilian producers to suspend operations for several weeks, reducing supply; this situation will continue until May. An additional factor driving the rise in export prices was the increase in scrap metal prices.
Demand for Brazilian pig iron from the U.S. has also increased. In February of this year, 344,000 tons (+12% MoM) of pig iron were shipped to the U.S. at an average price of $404/ton, which likely reflects prices for deliveries in December 2025.
European buyers, who had shown increased interest in the product since the beginning of the year, are currently adopting a wait-and-see approach. According to Kallanish, this is due to a supply shortage, as well as rising freight costs and bunker fuel prices amid the conflict in the Persian Gulf. In February of this year, 41,000 tons of Brazilian pig iron were shipped to the Netherlands at an average price of $431/ton.
According to SteelOrbis, prices in this market are under pressure from weak demand from Turkey, rising freight costs, and price dumping by a number of Russian producers. Average prices for pig iron (on a Black Sea FOB basis) rose by $5 to $345/t during the first 20 days of March. Prices were stable in the first ten days of the month, with a slight increase noted in the third week.
Turkish steelmakers are exercising caution in their purchases amid low steel production profitability, military risks in the Persian Gulf, and a sharp rise in logistics costs.
According to the Turkish Statistical Institute (TUIK), in January of this year, pig iron imports to Turkey rose by 28.2% m/m – to 226,200 tons, and in monetary terms to $78.6 million (+30% m/m). Russia was the largest supplier in January, with 170,300 tons (+77.3% y/y).
Other regional markets also showed mixed trends. Domestic prices for pig iron in China (including 13% VAT) rose by $6 to $421/t in the first half of March.
According to Metallplace, prices for pig iron on the Indian market fell by $8 to $405/t as of March 20, ending a two-month uptrend.
As previously reported, global pig iron production in January 2026 fell by 6% year-on-year – to 110.8 million tons. The largest pig iron-producing countries in January were China – 65.9 million tons (-10.9% y/y), Japan – 10.3 million tons (+103.8% y/y), and India – 8.5 million tons (-35% y/y).
Courtesy : https://gmk.center/