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Brazil
United States
India
ChinaQ1 2025
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.
In Q4 2024, the global pig iron market showed signs of further divergence. Brazil’s price declined by 1.8%, and the USA saw a 1.7% drop, both reflecting softer year-end demand and possible inventory adjustments. China’s market continued to struggle, with prices falling by 1.6% as economic uncertainty and lackluster steel production persisted.
India saw a sharp 8% decrease, as post-monsoon recovery in supply outpaced demand growth, leading to a correction in prices. Overall, the quarter was characterized by subdued sentiment and cautious market activity, with most regions facing downward pressure due to weaker demand and ongoing economic uncertainties, particularly in Asia and India.
Q3 2024 saw mixed fortunes for pig iron producers worldwide. Brazil’s price dipped slightly by 0.5%, while the USA posted a modest 0.5% increase, suggesting ongoing resilience in North American demand but some cooling in South America.
China experienced a more significant decline of nearly 6%, as oversupply and weak construction demand continued to weigh on the market, intensifying pressure on producers. India’s prices fell by 7.5%, likely due to the monsoon season dampening construction activity and reducing steel sector demand. The quarter was marked by cautious sentiment globally, with optimism in the Americas tempered by persistent challenges in Asia and a notable seasonal slowdown in India.
In Q2 2024, the global pig iron market maintained a generally stable to slightly positive tone in the Americas, while Asian markets continued to face headwinds. Brazil’s pig iron price edged up by about 0.8% quarter-on-quarter, and the USA saw a similar 0.9% increase, both supported by steady demand from their respective steel industries and healthy export activity.
In contrast, China’s pig iron price slipped by 1.3%, reflecting ongoing weakness in domestic steel production and subdued construction activity. India, however, experienced a sharp surge, with prices jumping nearly 11.4%, likely fueled by robust infrastructure spending and supply constraints. Overall, the quarter highlighted a divergence between the strength of the American and Indian markets and the persistent softness in China, with global sentiment shaped by regional economic performance and policy measures.
In Q1 2024, the global pig iron market presented a mixed picture, with notable regional variations in price trends. Brazil and the USA both recorded moderate quarter-on-quarter price increases, with Brazil’s pig iron rising by about 2.8% and the USA by 3%. These gains were largely driven by steady export demand and resilient domestic steel production, which supported higher consumption of pig iron.
In contrast, China saw its pig iron prices decline by approximately 1.6%, reflecting subdued steel sector demand and ongoing concerns about oversupply and economic uncertainty. India experienced a more pronounced decrease of around 2.1%, likely due to softer domestic demand and a temporary slowdown in infrastructure activity. Overall, while the Americas enjoyed a cautiously optimistic market environment supported by stable demand, Asian markets faced downward pressure, highlighting the impact of regional economic factors and shifting consumption patterns on the global pig iron landscape in early 2024.
Q1 2025
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.
Q4 2024
Q4 2024 witnessed a further drop in pig iron prices to $410/MT (a 7.9% decrease quarter-on-quarter). The market was affected by a combination of increased supply as monsoon disruptions faded, and a slower-than-expected recovery in demand from both domestic and export markets. Export volumes, which had shown some improvement in late Q3, declined sharply again, putting additional pressure on prices. Sentiment remained weak, with producers facing margin compression and buyers remaining cautious amid uncertain steel sector prospects. The industry looked to policy support and a pick-up in construction activity for potential stabilization.
Q3 2024
In Q3 2024, Indian pig iron prices fell back to $446/MT (a decrease of 7.4% from the previous quarter). This decline was largely attributed to the onset of the monsoon season, which typically slows construction activity and dampens demand for steel and pig iron. Export opportunities remained limited, and domestic buyers became more conservative, focusing on inventory management rather than aggressive purchasing. Market sentiment was subdued, with most stakeholders expecting the lull to persist until post-monsoon demand picked up. Producers responded by adjusting output and offering discounts to move stock, while monitoring for signs of a demand revival later in the year
Q2 2024 saw a strong rebound in Indian pig iron prices, from about $433/MT to $482/MT (an increase of roughly 11.3%). This significant uptick was fueled by a surge in domestic demand, driven by renewed infrastructure projects and a seasonal boost in construction activity. Additionally, supply constraints and higher input costs, particularly for coke, supported the price recovery. Market sentiment turned optimistic, with producers ramping up output and buyers willing to pay premiums to secure material amid concerns of further price rises. The overall outlook was positive, buoyed by expectations of continued government investment in infrastructure and a stable macroeconomic environment.
Q1 2024
In Q1 2024, Indian pig iron prices declined $442/MT to $433/MT (about a 2% decrease). This softening was primarily driven by weaker domestic demand, especially as infrastructure activity slowed after the year-end push and steelmakers adjusted their procurement in response to subdued market conditions. The sentiment in the market was cautious, with producers facing pressure from both falling export volumes and limited trading activity in major domestic hubs. Supply remained steady, but the lack of robust demand kept prices under check, and the market looked for signals of recovery from government infrastructure spending or a rebound in steel.
PriceWatch is your trusted resource for tracking global pig iron price trends. Our platform delivers real-time data and expert analysis, offering deep insights into the key factors driving price fluctuations in the pig iron market. By monitoring critical events such as geopolitical tensions, supply chain disruptions, and economic shifts, PriceWatch keeps you fully informed of market dynamics.
In addition, PriceWatch provides detailed forecasts and updates on production capacities, enabling you to anticipate market changes and make well-informed decisions. With PriceWatch, you gain a competitive edge in understanding all the elements that influence pig iron prices worldwide. Stay ahead of the curve with PriceWatch’s reliable, accurate, and timely pig iron market data.
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These events underscore the pig iron market’s vulnerability to global disruptions and highlight the need for continuous monitoring of supply-demand dynamics.
This research methodology ensures that PriceWatch delivers the most accurate, timely, and actionable pig iron pricing assessments, helping our clients stay ahead of market trends and make informed business decisions.
Molecular Weight[g/mol]
CAS No
HS Code
Molecular Formula
Pig iron is a high-carbon iron alloy produced by smelting iron ore in a blast furnace, using coke as a reducing agent and limestone as a flux to remove impurities. It typically contains 3.5–4.5% carbon, along with varying amounts of silicon, manganese, sulfur, phosphorus, and trace elements. The high carbon content makes pig iron hard, brittle, and not suitable for direct use in most applications, but it is an essential intermediate for producing steel and cast iron.
Packaging Type
Grades Covered
Incoterms Used
Synonym
PriceWatch Quotation Terms:
Ex-Location: This incoterm refers to a shipping agreement where the seller makes the goods available at their premises, and the buyer is responsible for all transportation costs, including shipping, insurance, and any other fees.
CIF: CIF refers to the Cost, Insurance, and Freight (CIF) terms for goods. Under CIF terms, the seller is responsible for the cost of goods, insurance, and freight charges until the goods reach the port of destination.
FD: FD stands for Free Delivered where the seller takes full responsibility for delivering goods to the location/port. This ensures the buyer receives the goods at the designated port with all necessary costs, except import duties, covered.
FOB: FOB refers to the Free On-Board shipping term, where the seller is responsible for the cost and risk of delivering the goods to the port. Once the goods are on board the vessel, the responsibility shifts to the buyer for all costs, including shipping and insurance.
| Property | Typical Specification Range |
| Carbon Content (%) | 3.5–4.5% |
| Silicon (Si) (%) | 0.5–1.5% (basic grade); up to 3.5% (foundry grade)356 |
| Manganese (Mn) (%) | 0.4–1.2% |
| Phosphorus (P) (%) | Max 0.12–0.15% |
| Sulphur (S) (%) | Max 0.04–0.05% |
| Iron (Fe) (%) | At least 92% |
| Other Elements | Trace amounts of titanium, aluminum |
| Density (g/cm³) | Around 7 |
| Melting Point (°C) | 1150–1200 |
Applications
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