US pig iron imports slip to multi-year low in February amid price rebound

US pig iron import volumes dropped to the lowest level in nearly three years in February as prices rebounded and US buyers faced uncertainty around new tariffs, although ferrous scrap imports increased in February, according to S&P Global Market Intelligence's Global Trade Atlas April 16.

US pig iron imports were 177,903 mt in February, down 72% from 630,907 mt in January and a 55% drop from 392,319 mt in February 2024. Brazil was the top supplier in February with 89,252 mt of pig iron shipped to the US, followed by Ukraine with 49,854 mt and Angola with 28,321 mt.

The February US pig iron import volume was the lowest since April 2022, the first month to record zero imports from Russia following the February 2022 invasion of Ukraine. The last Russia pig iron cargo cleared US customs in May 2022, and a 70% US tariff on Russia pig iron imports went into effect in April 2023. A 10% US tariff on Brazilian and Ukrainian imports including pig iron was implemented April 9.

The Platts weekly pig iron assessment rose to an average of $448/mt on a CIF New Orleans basis in February from $425/mt in January, and was last assessed at $477/mt CIF New Orleans April 11.

US ferrous scrap imports in February were 288,013 mt, up 33% from January and a 20% increase from February 2024. Shipments from top supplier Canada rose 2.6% month on month to 161,778 mt in February, but were down 13% from the same month last year. Imports from Mexico were 48,873 mt, down 15% from January but more than triple the February 2024 total of 16,130 mt.

US ferrous scrap import figures were determined using HS codes 7204410020, 7204410040, 7204490020, 7204490040, 7204490060, 7204490070 and 7204490080.

US ferrous scrap exports in February were 1.56 million mt, up 2.1% from January but down 15% from February 2024. Turkey was the top destination for US scrap exports in February with 306,528 mt, followed by Mexico with 175,528 mt and India with 174,395 mt.

US export prices for shredded scrap were assessed by Platts at $324.25/mt FOB US East Coast April 16, down $11.75/mt on day.

Platts is part of S&P Global Commodity Insights.