Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

The weekly Davis Index for basic pig iron (BPI) rose by $42/mt to $694/mt cfr New Orleans port Friday on rising sales prices from Southern Brazil and increasing offer prices from CIS and Brazilian producers.


The last BPI transaction was reported from Southern Brazil at $660-665/mt cfr Nola, which equates to about $675/mt cfr Nola for normal quality material. This follows last week’s levels for Northern Brazil material at $650/mt cfr Nola, for standard grade material.


CIS and Northern Brazilian producers are firmly offering prompt BPI to the US at $700-730/mt cfr Nola at present, escalating from last week’s levels that ranged between $660-720/mt cfr Nola. Offer levels and transaction prices are anticipated to remain strong with further upward potential over the next 30-60 days.


US buyers were confident that material could still be secured below offer levels and deals could be secured at $680-690/mt cfr Nola, on Friday. The latest price points for BPI imports have surged by $115/mt in one month compared to the grade transacting around $579/mt cfr Nola on April 23.


The Davis Index for nodular pig iron (NPI) imports increased by $28/mt to $748/mt cfr Nola. Material availability remains limited. The latest offers for July or later shipment are in the range of $750-780/mt cfr Nola with bids lower. This compares to last week’s level at $710-750/mt cfr Nola.


US hot briquetted iron (HBI) imports increased by $5/mt to $475/mt cfr Nola. There are no recent bids or offers for the material, but the grade’s price movements account for the latest offer levels and how the grade compares in price with similar material which now stands at $450-500/mt cfr Nola.


The weekly Davis Index for CIS basic pig iron jumped by $51/mt to $656/mt fob Black Sea on Friday as exporters raised offers after the most recent transactions.


CIS suppliers remained bullish, with most of them offering pig iron at $660-680/mt fob Black Sea depending on destination. Sellers refer to firm global ferrous scrap and steel product markets. One exporter started to target $700/mt fob.


The weekly Davis Index for CIS pig iron in Italy rose by $43/mt to $683/mt cfr on Friday amid sales to distributors. A Ukrainian producer closed one deal at $680/mt cfr for around 10,000mt of the material and a second deal at $685/mt cfr for around 5,000mt of the material.

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