The weekly Davis Index for CIS basic pig iron rose by $22/mt to $560/mt fob Black Sea on Friday after exporters raised offers amid limited allocation of the material.
CIS pig iron suppliers came back from the holidays and announced new offers at $600/mt fob Black Sea on bullish sentiment since most suppliers have already sold significant tonnages for February and March shipment. Some of them are sold out for February shipment.
However, no deals were reported this week as most pig iron buyers chose to wait and evaluate market conditions and prices for ferrous scrap and steel products before placing orders. Negotiations are expected to revive in the CIS export pig iron market next week.
The weekly Davis Index for CIS pig iron in Italy increased by $10/mt to $570/mt cfr on Friday as there were some bookings from a trader.