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Pig iron produced in Brazil had been on an upswing in early April, after a decrease in March.
According to the latest Commitments of Traders Report published Tuesday and covering positions up to April 5, the net long position by investment funds increased significantly to 56,200 lots.
Midwest uncertainty contrasts with coastal confidence. Discover the latest insights driving steel prices.
The international ferrous scrap market may be stabilizing which will likely put pressure on the US domestic market to remain flat or to increase in some areas in April.
Turkish scrap import prices increased for the first time in almost two months.
Prices for pig iron in Brazil have increased despite efforts by U.S.-based buyers to lower them. It has been confirmed that a U.S. buyer has purchased a 55,000 MT cargo, presumably for May shipment, at $430/MT FOB South Brazil.
The senators said the legislation would reinstate 232 tariffs on Mexican steel imports at 25% for no less than a year
Is the ferrous scrap market potentially signaling an industry recession?