The weekly Davis Index for basic pig iron (BPI) increased by $19/mt to $570/mt cfr New Orleans port as several new transactions took place this week at rising prices, marking the third successive week of increase.
The latest deals include a couple bookings from the CIS at $570/mt cfr Nola, which concluded most recently and is set for May shipment from the Baltic Sea. Earlier in the week, a few BPI cargos from South Brazil were booked for high-phosphorus discounted material priced at $520/mt fob or around $560/mt cfr Nola.
Prices for scrap alternatives are projected to continue rising as domestic scrap pricing for March is trending at $50/gt increases for secondary grades. Pig iron, that generally carries a premium of $20/mt or sometimes much more compared to prime grades, is currently priced in the same range as the grade.
The Davis Index for nodular pig iron (NPI) imports increased by $17/mt to $610/mt cfr Nola. New activity has not been reported for this grade, but the latest offers and bids heard for NPI fall between $600-620/mt cfr Nola.
The weekly Davis Index for US hot briquetted iron (HBI) imports increased by $27/mt to $425/mt cfr Nola. Offers or bids have not been heard recently however the material’s price estimate has been adjusted based on price movements for similar grades along with latest consumer interest levels.