The merchant pig iron market has quietened down in the past week amid ongoing price rises and lengthening lead times. Russian suppliers' difficulties in shipping contracted material also weighed on buyers' readiness to commit to purchasing, but some Russian tonnage was sold to the Mediterranean.

US buyers stepped back from the market in preparation for April domestic ferrous scrap settlements, which are expected to be higher on-month, and the absence of Brazilian availability before August load readiness. Offers from India, coming up to $1,000/tonne cfr Nola, did not gauge interest either, while some contracted Russian material was heard delayed by vessel procurement difficulties for a long-term formula-based contract delivery. This tonnage was heard resold in the Mediterranean.

Rumours of a Chinese pig iron cargo being sold sometime in first half of March at $1,000/t cfr Nola could not be confirmed. Traders however say it was possible, as they were expecting pig iron prices to shoot up amid CIS material absence. No other Chinese material sales were heard in the past week, although soft offers were present in the market, but did not conclude in sales.