The weekly Davis Index for CIS basic pig iron increased by $2/mt to $449/mt fob Black Sea on Friday amid new transactions. Bullish global ferrous scrap and iron ore markets have fueled optimism among pig iron suppliers.
Trading was active in the CIS export pig iron market at the beginning of December. A Ukrainian producer sold 50,000-55,000mt of the material to the USA at $455/mt cfr early in the week, while a Russian supplier closed a deal at $452/mt cfr New Orleans late last week. New offers from the CIS to the USA were reported at $465/mt cfr.
A new booking was also fixed in Turkey at a higher price after a Ukrainian exporter was heard to have sold pig iron at around $485/mt cfr compared with $475/mt cfr a week ago.
The weekly Davis Index for CIS pig iron in Italy rose by $6/mt to $479/mt cfr on Friday as buyers returned to the market. Negotiations resulted in a deal at $478-480/mt cfr for approximately 5,000mt of the CIS material.
China remained the only quiet outlet this week with CIS exporters raising offers up to $500/mt cfr to the destination.