About pig iron
Pig iron is the intermediate product from smelting iron ore with a carbon-rich reductant and a flux to produce a high-purity iron (94-95% Fe) which is used as a feedstock in the production of steel. Pig iron is a critical supplement to scrap in the steel making process. It is not a scrap substitute.
Merchant pig iron is traded on world markets and constitutes 70 to 80 million tonnes of the annual global trade.