Ukraine War Pushes Steel Prices Higher

Pig-iron prices are surging, helping reverse a recent decline in the U.S. steel market.

Pig iron, a raw form of the metal used in the production of steel, has grown scarce in the weeks following Russia’s invasion of Ukraine, industry executives said. Two-thirds of the 6 million metric tons of pig iron imported by the U.S. last year came from those two countries, according to the U.S. Census Bureau, but the fighting brought Ukrainian shipments to a halt and importers have stopped ordering from Russia, steel executives said.

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