The weekly Davis Index for CIS basic pig iron increased by $7/mt to $302/mt fob Black Sea on Friday as new deals were reported.
CIS suppliers could achieve higher prices as demand for pig iron improved significantly in China. This week, an exporter from Russia sold 50,000mt of the material at $334/mt cfr, while another one traded 50,000mt at $335/mt cfr. Both cargoes are due to be shipped to the Asian country in August. Late last week a cargo of Russian pig iron was booked in China at $323/mt cfr.
A supplier from Ukraine reached an agreement with an American customer at $312/mt cfr for 55,000mt of pig iron at the end of May. This cargo is scheduled for July shipment.
The Italian pig iron market was quiet. CIS suppliers decided not to announce any offers to this market amid little to no demand. The weekly Davis Index for CIS pig iron in Italy held at $310/mt cfr on Friday due to lack of negotiations.