The price situation in regional pig iron markets in September showed mixed trends. In the Black Sea region, India and China, prices rose slightly, whilst pig iron prices in Brazil fell by $20/t to $445/t (FOB).

Brazil

Throughout September, prices for Brazilian pig iron fell due to cheap supplies from India to the US (prices for Indian pig iron are significantly below the break-even point for most Brazilian producers), before stabilising at the end of the month. According to Platts, FOB prices for pig iron from south-eastern Brazil fell in September from $465/t at the end of August to $445/t. By the end of September, market participants were hopeful of further price rises. The reasons for this include a likely increase in demand from Europe, the recent significant rise in ocean freight rates and consistently high prices for charcoal.

In August, pig iron exports from Brazil fell by 29% compared with July, to 244,000 tonnes. The decline was caused by a 53% month-on-month fall in exports to the US. In July, Brazilian pig iron exports to the US had risen sharply amid uncertainty over whether they would be granted an exemption from the increased tariffs (the exemption came into force on 22 July). The main destinations for August exports were the US — 136,000 tonnes at $486 per tonne — and Italy — 103,000 tonnes at $483 per tonne. In January–August, pig iron exports from Brazil fell by 7% year-on-year to 2.5 million tonnes. The US remained the largest export destination, purchasing almost 1.9 million tonnes.

The Black Sea region

Throughout September, Russian exporters of pig iron consistently sought to raise their selling prices. Whilst at the start of the month sellers were merely stating their intention to raise prices following a lull in the market, by mid- and late September offer prices were rising steadily, cementing an upward trend. In the first half of September, average FOB prices for pig iron in the Black Sea region rose by $4 to $360/t. However, due to ongoing logistical uncertainty in the region, no actual deals were concluded and no shipments were made from the Black Sea.

Exporters’ market sentiment was shaped by two key factors:

1. The main external factor driving the rise in pig iron prices was the increase in the cost of scrap metal in Turkey. However, this factor may prove to be short-lived: some Turkish producers have already stopped sending purchase enquiries, whilst certain companies have begun to lower their offer prices for scrap metal due to sufficient stock levels.
2. Sellers are facing rising transport costs and freight rates. Most of the activity and the consolidation of consignments are centred on the Baltic Sea ports; however, shipments from there have only just begun and are proceeding with difficulty, whilst problems with Baltic trade continue to escalate. Delivery to Turkey from Baltic ports costs $55–60 per tonne.

China

According to SteelOrbis, domestic pig iron prices in China (including 13% VAT) rose by $14 in the first half of September, reaching $437 per tonne. In the first eight months of this year, pig iron production in China fell by 3.1% year-on-year to 563 million tonnes.

India

In the first five months of the financial year (April–August 2026), exports of pig iron from India rose by more than 300% year-on-year, reaching 1.2 million tonnes. The US accounted for around 88% of total exports. Uncertainty in July regarding tariffs on Brazilian pig iron and a decline in demand in India opened up opportunities in the US market, against a backdrop of prices that were attractive to American buyers. According to Metallplace, prices for pig iron for smelting on the Indian market rose by $10 in September to $423/mt (FOB).

As previously reported, global pig iron production in January–August 2026 fell by 2.2% compared with the same period in 2025, to 913 million tonnes. The largest pig iron-producing countries for this period were China — 563 million tonnes (−3.1% year-on-year), India — 106 million tonnes (+4% year-on-year) and Japan — 39 million tonnes (0% year-on-year).

Courtesy:https://gmk.center/en/news/