The weekly Davis Index for CIS basic pig iron inched up by $1/mt to $283/mt fob Black Sea on Friday as the US resumed purchases for the material.
Trading continued in the CIS export pig iron market as demand for the material persists across the world. US companies resumed bookings in the last week of April in line with their requirements after a long period of inactivity. As a result, a Russian producer closed a deal at around $305/mt cfr for 50,000mt of pig iron, while a Ukrainian producer reached an agreement at around $300/mt cfr for 55,000mt of the material.
Some pig iron trades to Europe were also reported as the steel industry in the region is recovering after COVID-19 related shutdowns. These deals were done last week, but the weekly Davis Index for CIS pig iron in Italy climbed by $1/mt to $307/mt cfr on Friday after a deal, where a CIS supplier sold material to Italy at $305-310/mt cfr for distribution, was reported.
Negotiations have resulted in a deal in Spain too, where CIS pig iron was purchased at $320/mt cfr.
Business activity may slow down in the CIS export pig iron market early in May due to holidays.