The weekly Davis Index for CIS basic pig iron was flat at $540/mt fob Black Sea on Friday on firm offers and limited allocation of material.
Deals have been sporadic and mostly for small cargoes as most CIS pig iron exporters are sold out for April shipment and have kept their offers unchanged despite a downtrend in the global ferrous scrap market. Some suppliers have also sold significant tonnages of pig iron for May.
A Russian exporter sold 7,000mt of basic pig iron and 5,000mt of semi-nodular pig iron at an average price of $557/mt fob to Turkey. The material may be distributed to foundries.
The weekly Davis Index for CIS pig iron in Italy was flat $568/mt cfr on Friday due to lack of deals. Offers remained at $570-575/mt cfr, while Italian importers stepped back, anticipating lower prices amid falling scrap. In the meantime, a new transaction was fixed in Spain at $595/mt cfr for 5,000mt of Russian pig iron.