The export price for Russian pig iron at the end of May was $318 per tonne

The average export quotation for Russian pig iron in May 2025 decreased by $10/t to $318/t FOB compared to April,. Despite the negative average price correction during the month, Russian pig iron export quotations gradually increased following the positive dynamics of scrap prices in Turkey.

At the same time, real demand for pig iron remained weak, with stocks in the port of Novorossiysk growing significantly back in April and remaining virtually unchanged in May. This affected the reduction of pig iron deliveries from the plants and the increased stocks in the ports were practically not replenished. Traders note that a major Russian pig iron producer shipped only 9.5 thousand tons to the port of Novorossiysk during May, while 120 thousand tons were produced.

In Turkey, demand for Russian pig iron during the month ranged from 320 to 325 $/t FOB, but Russian suppliers insisted on a price not lower than 350 $/t FOB for small tonnage lots, despite increased stocks at the port. Therefore, no deals were observed.

At the same time, in the segment of high quality pig iron, prices were increasing due to lower production in Russia and limited supply on export. It should be noted that the price for low-manganese pig iron increased by $30-35/t during the month, up to $390/t FOB. In the first decade of May, deals with buyers from Turkey for delivery of low-sulfur and low-manganese pig iron were made at 355-360 $/t FOB.

Weak sales to Turkey were partly compensated by supplies to alternative markets. In early May, 30,000 lots from Russia were sold to India at $350/t CFR or $305-310/t FOB.

Also, during May, pig iron deliveries from Russian Far East ports were noted for buyers from Taiwan. At the end of the month quotations were at 340 $/t CFR or 315-320 $/t FOB.

In Europe, demand for Russian pig iron remained low, and no contracts were noted.

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