Iron Ore, Pig Iron & DRI
Second-tier ore parcels and melt-shop metallics in Handysize to Capesize lots
Iron ore is bought on iron and priced on everything else, and the four products on this page are four different buyers. Fines (58–65% Fe) go to sinter plants and are priced as the 61% Fe CFR China index plus or minus a differential for silica, alumina, phosphorus and loss on ignition; lump and pellets go straight into the furnace and earn a premium for it, with pellets bought on compression strength and tumble index and DR-grade pellets on gangue; pig iron is blast-furnace hot metal cast cold, bought by electric-arc and induction melt shops and foundries as a clean chemistry that dilutes the residuals in scrap; and DRI/HBI is ore reduced without melting, bought by electric-arc furnaces for the same reason, with HBI the seaborne form because cold DRI is an IMSBC Group B cargo. In 2026, the European Union's 12th Sanctions Package (Regulation (EU) 2023/2873) instituted an absolute 0 MT ban on sanctioned-origin pig iron (CN 7201) and DRI/HBI (CN 7203), ending transitional quotas and forcing European steelmakers (Taranto, Gent, Bremen, Dunkirk, Linz, Celsa, Riva) to replace 2.5+ Mtpa of sanctioned-origin virgin metallics. CBIL works the non-sanctioned replacement corridors: Brazilian Northern System Carajás basic pig iron smelted with 100% renewable eucalyptus charcoal (ultra-low P ≤ 0.05%, biogenic CBAM carbon savings) shipped out of Port of Itaqui / Ponta da Madeira; Minas Gerais nodular pig iron via Tubarão; gas-based merchant HBI from Oman (Jindal Shadeed, Port of Sohar) and the US Gulf (ArcelorMittal Texas, Corpus Christi); Indian basic pig iron and pellet parcels out of Paradip and Vizag; and Ukrainian material from non-occupied territory via Danube/Constanța with clean non-sanctioned 5-point origin dossiers. The 2025 export declarations put India at 22.1 million MT of fines and lump at USD 59/MT and 4.9 million MT of pellets at USD 106, and South Africa at 65.5 million MT of fines and lump at USD 93; Malaysia's 20.0 million MT is mostly Brazilian ore re-shipped from Vale's Teluk Rubiah terminal; India at 0.60 million MT of pig iron at USD 373; and India, the USA and Malaysia at 1.61, 0.93 and 0.76 million MT of DRI/HBI. Parcels run Supramax to Capesize for ore and Handysize to Supramax for metallics on FOB and CFR terms, and because CBIL also runs a chartering desk (LaycanDesk) the freight is quoted with the cargo.
Need the ship as well? Our chartering desk prices Chattogram to Vietnam mill scale freight on LaycanDesk.
Excluded origins are not offered, including product re-exported, blended or re-processed through a third country. Every lot moves with a certificate of origin naming the producing plant, mine or grower country, and nothing is quoted before the seller and loading point are known.
Indicative reference
$55–420 USD / MT
as at September 2026
Reference level only — not an offer, and reviewed quarterly. Levels shown are as at September 2026. Firm pricing is quoted per RFQ, subject to volume, terms and inspection.
Products in this range
Iron Ore, Pig Iron & DRI we source and broker
Each product below is supplied to its own specification and grading. Open one for full specs, grades and typical applications — or send an RFQ covering several at once.
Iron Ore Fines
Second-tier fines 58–65% Fe priced off the 61% Fe index with a differential
Iron Ore Lumps & Pellets
Direct-charge lump and blast-furnace / DR-grade pellets by Fe, tumble index and CCS
Pig Iron
Basic, foundry and nodular pig iron by Si, Mn, P and S for melt shops and foundries
DRI & HBI (Direct Reduced Iron)
Hot briquetted iron and DRI by metallisation, carbon and gangue for EAF melt shops
Industrial Mill Scale
High-density iron oxide byproduct (65–70% Fe) for blast furnace sinter burdens, cement manufacture and ferroalloys
Iron Ore Pellets (BF & DR Grade)
Blast-furnace pellets at 63–65% Fe and direct-reduction pellets at 67% Fe and above, priced as a premium over the fines index
High-Purity Pig Iron (HPPI)
Low-manganese, low-phosphorus base iron for ductile castings, a co-product of titania slag smelting
Typical Specification
Specifications are indicative and adjusted to the agreed contract and destination requirements. Final spec confirmed on COA / SGS.
Available Grades
Applications
- Sinter plants & blast furnaces
- Pellet plants
- Direct-reduction shafts
- Electric-arc & induction melt shops
- Grey & ductile-iron foundries
Category
Metals & Recycled Scrap
Incoterms
FOB · CFR · CIF
Pricing basis
USD / MT
Inspection
SGS / Intertek at load port
Iron Ore, Pig Iron & DRI — buyer questions
Does CBIL broker the major miners' iron ore?
Not their term tonnage; the majors sell it themselves. CBIL brokers the second tier: spot and short-term parcels of fines, lump and pellets from India's non-captive exporters, South African junior miners and Malaysian mines, priced against the 61% Fe index with a differential. A trader's resale parcel of another origin is worked as a trader position, and the mine of origin is checked before it is priced.
What is the difference between fines, lump and pellets?
Fines must be sintered before the blast furnace. Lump (6 to 40 mm) and pellets (9 to 16 mm) are charged directly, which is what their premium over fines pays for. Blast-furnace pellets run 63 to 65% Fe; direct-reduction pellets run 67% Fe or better with silica plus alumina at 3% or less, because a direct-reduction shaft makes no slag.
Pig iron, HBI or scrap for an electric-arc furnace?
Pig iron and HBI are bought to dilute the copper and tin that scrap brings in. Pig iron also adds about 4% carbon as chemical energy. HBI is direct reduced iron briquetted hot to a density of 5.0 g/cm³ or more, so it ships in ordinary bulk carriers; cold DRI needs inerted holds and many owners decline it.
What parcel sizes do these cargoes move in?
Ore in Supramax, Panamax and Capesize lots according to the load and discharge ports; pig iron and HBI in Handysize and Supramax lots; foundry and high-purity pig iron also in jumbo bags in containers. Iron ore fines ship with a transportable moisture limit certificate.
Ready to source Iron Ore & DRI?
Send your quantity, preferred Incoterms and destination port. Qualified requirements receive a workable offer against verified supply.
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