In Q1 2025, Brazil’s pig iron price fell from USD 434.9/MT, FOB Santos to USD 424.7/MT, FOB Santos marking a decline of about 2.3% quarter-on-quarter. This decrease was primarily driven by a combination of subdued global demand and increased competition from other exporters, as well as currency devaluation impacting export pricing. Despite a rise in Brazilian steel production and some recovery in export volumes, the market faced downward price pressure due to limited alternative buyers outside the US and the need to match lower-priced offers from Indian suppliers.
In the United States, the pig iron market sentiment was cautious, with prices edging slightly lower as domestic steelmakers sought to align pig iron costs more closely with scrap prices and global demand remained tepid. China’s market mood was subdued, reflecting ongoing weakness in steel sector demand and persistent oversupply.
In India, the sentiment was negative, as pig iron prices dropped sharply amid softer domestic demand and increased supply following the end of the monsoon season. Overall, Q1 2025 was characterized by cautious and subdued sentiment across the major pig iron markets, with most regions facing downward price pressure and uncertain demand outlooks.Â
In Q1 2025, Indian pig iron prices continued their downward trend, falling to about $379/MT (a 7.6% quarter-on-quarter decline). This ongoing weakness was driven by persistent oversupply, tepid demand from steelmakers, and limited export opportunities, as global pig iron markets also faced pressure.
The market mood was pessimistic, with producers contending with high inventories and buyers delaying purchases in anticipation of further price corrections. Industry stakeholders hoped for a turnaround later in the year, possibly spurred by renewed government infrastructure initiatives or a recovery in global steel demand.Â
According to PriceWatch, In Q2 2025, pig iron prices in Brazil increased from $424 per metric tonne in Q1 to $442 per metric tonne in Q2, a 4.25% rise. This upward trend was supported by a recovery in US demand, which remains the main export destination for Brazilian pig iron. Despite an increase in Brazilian pig iron supply production rose by nearly 10% in March and by 2.5% in Q1 local steel mills and export markets absorbed the additional volumes.
The price increase in April, even amid higher supply, reflected robust demand from US buyers, who returned to the market after a period of subdued activity. This export-driven demand, coupled with higher steel production in Brazil, underpinned the steady price gains through the quarter.Â
In the United States, pig iron prices rose from by 2.77% in Q2. The US market experienced a rebound in pig iron prices as import volumes dropped to multi-year lows, and buyers faced uncertainty around new tariffs. The reduction in imports, particularly from Russia and Ukraine due to tariffs and geopolitical factors, tightened domestic supply.
Meanwhile, US steel mills increased their purchases from Brazil, pushing up prices. Higher ferrous scrap prices and strong demand from the steel sector also contributed to the upward momentum in pig iron prices during the quarter.Â
In China, pig iron prices dropped a 7.57% in Q2. This decline was primarily due to weak steel demand, high inventories, and increased competition from alternative raw materials. Chinese pig iron production remained steady but subdued downstream demand and persistent oversupply led to price pressure.
Additionally, fluctuations in iron ore prices and cautious procurement by steel mills contributed to the downward trend. As a result, Chinese producers were compelled to lower prices to maintain sales, reflecting broader weakness in the country’s steel and raw materials market.Â
According to PriceWatch, pig iron prices in India surged an 8.64% increase from approximately $368 per metric tonne in Q1 2025 to $400 per metric tonne in Q2 2025. The sharp rise in prices was driven by strong domestic demand, higher finished steel prices, and a rapid increase in export offers.
In April, Indian pig iron prices jumped significantly, reflecting a market shock as buyers adjusted to higher input costs and robust demand from both domestic and export markets. The Indian government’s continued focus on expanding steel production capacity and infrastructure projects also supported the upward price trajectory.Â
In the third quarter of 2025, the global pig iron market exhibited a general bearish sentiment, with prices in most regions declining modestly to moderately due to cooling demand and balanced supply. Steel production growth remained limited, resulting in lower pig iron consumption in key end-use markets.
At the same time, raw material costs for pig iron remained stable while the lack of a strong post-downstream recovery limited any price momentum. Exports faced logistical and pricing challenges that dampened the volume of global trade.
However, some short-term mid-Q3 support with some mild restocking and regional supply adjustments have allowed for some modest positioning of pig iron prices. Thus, this quarter generally exhibited cautious sentiment coupled with unchanged pricing activity, putting price movements into the final months leading into 2025 subdued.
Brazil: Pig Iron Export prices FOB Santos, Brazil, Grade- Steel Grade.
The Pig iron price trend in Brazil declined slightly by 0.40% in Q3 2025, mainly due to moderate export demand and balanced domestic consumption. Although Brazilian mills maintained stable production levels, global pig iron trade experienced limited activity as buyers remained cautious amid softer steel market conditions.
Freight stabilization and currency fluctuations reduced export competitiveness, keeping pricing sentiment weak. Demand from major importers in Asia and Europe showed only marginal improvement, insufficient to lift overall prices.
On a monthly basis, Pig iron prices in Brazil inched up marginally by 0.03% in September 2025, supported by short-term restocking from select overseas buyers and slight tightening in availability due to brief logistical slowdowns, though overall market conditions stayed largely muted.
USA: Pig Iron Import prices CIF Houston (BRAZIL), USA, Grade- Steel Grade.
The Pig iron price trend in the USA eased by 0.28% in Q3 2025, as domestic demand from steelmakers remained subdued and inventory levels adequate. Lower scrap prices reduced mills’ reliance on pig iron procurement, while steady import flows from Brazil and CIS countries ensured stable supply.
Soft downstream manufacturing activity and conservative procurement strategies kept demand quiet throughout the quarter. Despite stable energy and freight costs, weak consumption prevented any price recovery.
However, Pig iron prices in the USA rose marginally by 0.04% in September 2025, driven by limited replenishment purchases by mills seeking to maintain consistent feedstock supply, although overall trade activity remained thin as buyers awaited clearer signals from steel prices in the later stages of the quarter.
China: Pig Iron Domestic Prices EX Shanghai, China, Grade- L8-10.
According to Price-Watch, The Pig iron price trend in China decreased by 1.97% in Q3 2025, as steady output and weak steel production limited upward potential throughout the quarter. Sluggish downstream demand from the construction and automotive industries pressured market sentiment, leading producers to maintain competitive offers.
Imports from nearby Asian markets added further supply-side competition, curbing domestic price recovery. Raw material cost stability offered little incentive for higher pricing, and exports stayed limited due to global softness.
However, Pig iron prices in China edged up by 0.30% in September 2025, supported by mild restocking ahead of seasonal construction demand and traders’ efforts to take advantage of short-term buying momentum before the market slowed toward quarter-end.
India: Pig Iron Domestic Prices EX Bhilai, India, Grade- Steel Grade.
In the third quarter of 2025, there has been a 1.78% drop in India’s Pig iron price trend, due to reduced domestic demand from foundries and secondary steel makers amidst declining industrial activity. There has been adequate supply in the market due to plentiful availability and steady production, and with soft global demand and an unfavorable exchange rate, there have been few export opportunities.
Mills have been put under pressure to reduce prices to overcome sluggish demand and prevent inventory accumulation. The slowdowns in the construction and automotive sectors have also been impacting consumption.
In September 2025, India’s Pig iron declined by 0.49%, as buyers have been waiting to buy in the hope of getting greater discounts. Although raw material costs remained stable, limited demand from end users continued to contribute to negative price sentiment across the Indian market.
In the fourth quarter of 2025, the global pig iron market saw small declines, due to steady steel demand, balanced furnace use, and normal shipping rates. Brazil and China led the slight drop with regular production from Angico and Hebei areas. The USA and India followed with weaker demand from foundries and local steel mills, showing an overall balanced but soft market.
Pig iron, Steel grade, FOB Santos, Brazil
According to Price-Watchâ„¢ , the price trend of pig iron in Brazil fell by 0.2% in Q4 2025, caused by lower US shipments and steady local steel needs after tax changes. Factories in the Angico area kept production steady, but FOB prices at Itaguai dropped due to weak interest from Turkey and Asia. The currency helped offset some shipping costs, and P15S grades held small premiums.
Exports lost edge to suppliers from CIS countries, leading to minor volume cuts. Pig iron prices in Brazil rose by 0.7% in December 2025, helped by some restocking from US buyers. Short port delays lifted short-term prices, though big suppliers focused on contracts. Good quality kept price differences small, supporting the small gain.
Pig iron, Steel grade, FOB-Alabama, USA
The price trend of pig iron in the USA fell by 0.3% in Q4 2025, due to lower demand from Midwest car parts and better scrap mixes at big mills. Imports from Brazil stayed routine, reducing spot needs despite stable tariffs. Recyclers preferred local scrap over imports with even shipping costs. Foundry demand slowed after peak season.
Pig iron prices in the USA rose by 0.5% in December 2025 as some cargo deals countered stock levels. Buyers sought small amounts for early next year, lifting delivered prices. Stable scrap kept changes in check.
Pig iron, Steel grade, Ex-Bhilai, India
The price trend of pig iron in India fell by 1.0% in Q4 2025, from weak DRI use and lower ductile iron output amid flat steel prices. Auctions in Odisha and Maharashtra saw low bids, with sponge iron gaining share. Coastal imports from CIS matched local prices, cutting Raipur premiums amid high stocks. Foundries waited for infrastructure projects.
Pig iron prices in India rose by 0.8% in December 2025, aided by holiday buying and mine shipments. Buyers took small lots, slightly raising weekly prices. Steady coking coal costs prevented bigger drops.
Pig iron, L8-547, Ex-Shanghai, China
The price trend of pig iron in China fell by 0.3% in Q4 2025, from lower blast furnace rates in Tangshan and shifts to silico-manganese mixes. Tangshan L8-10 prices eased against scrap gains, with inland shipping helping equal trades.
Silicomanganese makers cut back versus other paths. Local rules reduced spot supply a bit. Pig iron prices in China rose by 0.8% in December 2025, from year-end furnace empties and policy support. Traders filled January needs, boosting MB prices slightly. Rebar demand hints steadied the end.
