Ore Based Metallics

Pig iron prices upgraded on expectations of weaker low-priced exports from the CIS

We have made little changes to our scrap prices forecast in this update. The seasonal fall in supply is starting now and prices are expected to find some support in the near term. In the USA, busheling prices is expected to remain at a discount over shredder until the end of 2023 Q2.

Meanwhile, we have increased our pig iron price forecast with weaker low-prices exports from the CIS expected in the first months of 2023 and more higher cost Indian exports, following the recent removal of the 15% export tariff. Despite the upgrade, we continue to expect pig iron prices to be lower y/y in 2023.

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