The weekly Davis Index for basic pig iron (BPI) rose by $12/mt to $607/mt cfr New Orleans port on Friday on bullish supplier sentiment and increased for CIS BPI by $20/mt to $588/mt fob Black Sea on higher-priced sales to Turkey and Italy.
CIS pig iron exporters raised offers following a firm uptrend in the global ferrous scrap and steel product markets and limited availability of pig iron. Turkish demand for the material was strong this week and an 8,000mt cargo of Ukrainian material was purchased at around $630/mt cfr.
Producers in Southern Brazil raised offers this week to $600/mt fob which translates to about $620/mt cfr Nola, however, sales have not been confirmed at this level yet.
For CIS pig iron in Italy, the weekly Davis Index jumped by $27/mt to $620/mt cfr on Friday on a new transaction in which, a Ukrainian exporter sold 10,000mt of the material at around $620/mt cfr for distribution.
The Davis Index for nodular pig iron (NPI) imports increased by $6/mt to $670/mt cfr Nola. The material is in tight supply and current offers entail shipment by July or later. Offers heard for NPI this week start at $680/mt cfr Nola with bids just below that level.
US hot briquetted iron (HBI) imports increased by $4/mt to $440/mt cfr Nola. New offers or bids have not been heard lately but the grade’s price is valued on the most recent offer levels and price movements for comparable material.