The weekly Davis Index for CIS basic pig iron rose by $3/mt to $358/mt fob Black Sea on Friday after new sales to the US were reported.
Buyers from the US were actively purchasing pig iron over the last 10 days. Thus, CIS suppliers sold three cargoes, achieving higher prices with every deal. The most recent deal was heard at $377/mt cfr for Russian material (around 50,000mt) late this week, while a few days ago Ukrainian pig iron (50,000-55,000mt) changed hands at around $373/mt cfr. Both cargoes will be shipped from the Black Sea basin. Late last week, a Russian exporter sold 75,000mt of the material at $369/mt cfr, but this cargo is due to be shipped from the Baltic Sea.
The Chinese imported pig iron market, which had bought Russian material at $387-390/mt last week, was quiet.
The weekly Davis Index for CIS pig iron in Italy remained unchanged at $375/mt cfr on Friday as negotiations did not convert into deals due to a gap between bids and offers. Sellers are targeting $380/mt cfr, while buyers insist on $370/mt cfr, the same as last week.