According to the Brazilian Steel Institute (IAB), as well as information from Kallanish, Platts, TUIK, WorldSteel, and Metallplace, average pig iron prices in most regional markets rose by $10-25/t in March. Key drivers included seasonal supply reductions in Brazil due to weather conditions, higher scrap quotations, and increased freight rates. Meanwhile, the Turkish market remains under pressure from weak demand, low margins for steelmakers, and high logistics costs.
Regional Price and Supply Dynamics in March
The Brazilian market is showing mixed signals. In February, pig iron production in the country was nearly 2 million tons, down 8.8% from January, while exports dropped 7.3% month-on-month to 377.8 thousand tons after a strong January surge. Despite this, total exports for the first two months of 2026 grew by 55% year-on-year to 782 thousand tons.
According to Kallanish estimates, Brazilian pig iron rose by $25 to $455/t FOB for May shipments. Platts reports that by the end of the month, the average level in southeastern Brazil reached $475/t FOB. However, further growth is not guaranteed as buyers increasingly resist new price hikes.
In Europe, interest in Brazilian material weakened due to supply shortages, more expensive freight, and rising bunker fuel costs. At the same time, Brazil and Ukraine remain the main pig iron suppliers to the EU. Ukrainian pig iron is quoted at around $480/t CFR, excluding CBAM payments, which add about $46/t to the import cost.
Impact on the Steel Market and Solutions from winox.ua
Rising pig iron prices directly affect the cost of steel production and, consequently, the price of rolled metal in the supply chain. For processing enterprises, machinery manufacturing, construction contractors, and service metal traders, this emphasizes the importance of procurement planning, inventory control, and choosing a stable supplier. In this market environment, winox.ua ensures reliable supplies of rolled metal, stainless steel, and non-ferrous metals, helping clients mitigate risks associated with price volatility and delivery timelines.
Current conditions also show that logistics is becoming just as important as the exchange or contract price of the metal. With freight and energy costs changing rapidly, businesses need more than just market benchmarks; they need predictability in supply. This is why winox.ua focuses on quality product selection and established supply channels, allowing customers to plan production and procurement more accurately.
Turkey, China, and India Show Varying Market Signals
The Turkish market remained volatile in March. Average pig iron prices on a Black Sea FOB basis rose by $15 to $355/t, but demand from Turkish steelmakers remains subdued due to low profitability, geopolitical risks in the Persian Gulf, and rising logistics costs. According to TUIK, pig iron imports to Turkey fell by 25% month-on-month in February to 168 thousand tons, with Russia accounting for almost the entire volume.
Meanwhile, Turkey's domestic pig iron production grew significantly. WorldSteel estimates February output at 0.85 million tons, up 18.7% year-on-year, reaching 1.8 million tons for the first two months. This suggests the market is partially offsetting import fluctuations with domestic production, though price pressure persists. In other markets, the picture is uneven. In China, domestic pig iron prices rose by $9 to $424/t (including VAT) in March, while in India, quotations fell by $13 to $400/t, according to Metallplace. For the global market, this indicates a continued imbalance between demand, local supply, and raw material and logistics costs.