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Brazil's pig iron prices plunge on subdued market
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Northern Brazil merchant pig iron export prices to the US have decreased for March transactions due to poor demand, falling raw material prices and an absence of deals, sources said Monday.
Bids, offers and deals for Brazilian pig iron assessed by Platts were confirmed by traders and producers in a wider range of $250-$300/mt FOB, compared with $350-$360/mt FOB in early February.
"The big drop in prices is related to lower scrap and iron ore values. Also, demand is very weak and customers are reluctant to close deals expecting further price drops," one trader said.
Several traders blamed the same factors for the price tumble and echoed the sentiment of "lackluster scenario, no negotiations, poor bids."
Freight to the US varies from $25-$35/mt, depending on volume and destination. Typical lead times for pig iron bookings are 40-60 days, with transport from Brazil's Carajas area to US ports taking about 12 days.
Source: Platts
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