Price trends in regional pig iron markets moved in opposite directions in October 2026, according to GMK Center. Quotations fell in the Black Sea region, while Brazilian prices climbed from $440-445/t FOB to $455-460/t FOB. After a period of stagnation caused by a lack of new deals, an upward trend took hold, helped by a gradual recovery in buying interest from the United States.
Brazilian quotations rose steadily during October, moving first to $450/t FOB and then to $455-460/t FOB. The main driver was producers lifting their offer levels, and they intend to keep raising prices in the near term. A sustained recovery in demand, however, is being constrained by more expensive charcoal and rising transport costs.
With the rainy season approaching and the El Niño climate phenomenon expected to have a strong impact on the weather, most producers are considering suspending production, according to IndexBox. Brazilian pig iron exports rose 39% in September compared with August, reaching 340,000 tonnes. The increase was driven by higher shipments to the United States and Europe, which grew 12.4% and 31.6% respectively.
The main destinations in September were the United States, with 152,000 tonnes at $463/t, and Europe, with 136,000 tonnes at $456/t. IndexBox noted that buying activity in Europe is declining as the euro weakens. For January-August 2026, Brazilian pig iron exports fell 4.6% year on year to 2.8 million tonnes, while output over the same period was 19 million tonnes, down 0.5% year on year.
In the Black Sea region, sales activity remained high despite falling FOB export prices. In mid-October, Russian sellers stepped up negotiations and agreed substantial volumes of pig iron supplies to Turkey, despite the negative price trend. To stay competitive in the Turkish market amid higher logistics costs, sellers are making price concessions.
Offers reach $425-435/t, while actual deals are concluded at $405-410/t, and buyers expect a decline to $395-400/t FOB. Exporters are also under pressure from low price targets among Turkish buyers and a stronger rouble, which raises their costs in dollar terms and reduces their margins. Turkish pig iron imports remain highly volatile.
According to the Turkish Statistical Institute, imports fell 80% month on month in September, after a 47% month-on-month decline in August, to 33,000 tonnes. The drop was primarily due to a sharp fall in supplies from Russia. Russia nonetheless remained the key supplier in September, with 29,000 tonnes, down 84% year on year, at an average price of $420/t.
In China, domestic pig iron prices, including 13% VAT, were virtually unchanged in October at $438/t, according to SteelOrbis. On the supply side, global pig iron production in January-September 2026 decreased 2.2% compared with the same period of 2025, to 1.02 billion tonnes. China produced 628 million tonnes, down 3% year on year, India produced 119 million tonnes, up 3.7% year on year, and Japan produced 44 million tonnes, down 0.2% year on year.
Sources: GMK Center (regional price trends), Turkish Statistical Institute (Turkish import data), SteelOrbis (Chinese domestic prices), and IndexBox (export, production and market analysis).
Source: indexbox.io