Export prices for Brazilian pig iron in September ranged from $400–410/t, compared to $400–405/t in August. The exemption of Brazilian pig iron from US tariffs did not stimulate market conditions. Brazilian producers are resisting price cuts and plan to reduce output, while US buyers are insisting on a discount of $15 per ton, according to SteelOrbis.

Against this backdrop, Brazilian pig iron exports remained extremely volatile. According to the Brazilian Steelmakers Association (IAB), exports fell 48% in August compared to July, to 288,400 tons, after growing 57% in July. This sharp decline is explained by the fact that exporters shipped August volumes to the US back in July to avoid tariffs that were ultimately not imposed.

Pig iron shipments from Brazil to the US fell by 60% in August compared to July, to 196,500 tons. As a result, part of the volume was redirected to Europe and Asia at prices of $437/ton and $502/ton on FOB terms, respectively.

Total pig iron production in Brazil in August amounted to 2.2 million tons, which is 1.3% more than in July. In January–August, production fell by 1.3% y/y – to 17.3 million tons.