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| Pig iron |
Market Recovers Amid Rising Iron Ore Costs
Pig iron prices in key global regions recovered to late 2024 levels by the end of February, following a decline in early 2025. The upward trend reflects the increasing cost of iron ore, the primary raw material for pig iron production.
Regional Price Trends
Brazil: Prices for pig iron shipments rose to $430/t FOB Ponta da Madeira by the end of February, up from $405/t in January. This marks a $25/t increase during the month, returning to early December 2024 price levels.
Italy: By late February, prices reached $372/t FOB Marghera, matching the January peak. Prices had previously dropped to $357/t in early February before rebounding.
India: The Indian market remained stable at $362/t FOB East Coast throughout February, following a decline from December’s high of $397/t.
Russia: Offers in January started at $317/t FOB Black Sea, rising to a peak of $335/t by the end of February.
Iron Ore Prices Drive Market Recovery
The pig iron price rebound is closely linked to iron ore price movements. Iron ore futures on the Dalian Exchange fell from $106/t to $98/t in December 2024 but returned to previous levels during January-February.
Meanwhile, global pig iron production in January 2025 rose by 0.1% year-over-year to 112.33 million tons. However, compared to December 2024, output declined by 2.2%, indicating seasonal fluctuations in supply.
