The weekly Davis Index for CIS basic pig iron climbed by $2/mt to $341/mt fob Black Sea on Friday after a new sale to China was reported.
Only one pig iron booking was heard in the CIS export market this week. In that deal, a supplier from Ukraine sold material to China at $378/mt cfr, while a Russian exporter closed a deal at $375/mt cfr earlier. Some CIS sellers continued to offer pig iron to China at $380-385/mt cfr, but buyers resisted those levels as demand softened.
The weekly Davis Index for CIS pig iron in Italy inched up by $1/mt to $355/mt cfr on Friday amid firm offers. CIS suppliers remained bullish as they have already sold significant tonnages of the material and kept offers to Italy at $360/mt cfr. However, importers are inactive due to summer vacations in the country.
Business activity was minimal in the US pig iron market as most buyers are reluctant to accept prices close to current offers of $365-370/mt cfr from the CIS.