The weekly Davis Index for basic pig iron (BPI) decreased by $15/mt to $371/mt cfr New Orleans port on Thursday, following several cargoes selling at reduced prices.
Since the end of last week, a couple of CIS producers have sold BPI to the US for December shipment at $369-373/mt cfr Nola.
Additional US bids and offers heard since October 15 range between $365-380/mt cfr for BPI cargoes, declining from previous deals at around $387/mt cfr Nola in late September.
Brazil negotiated with international brokers on Thursday for BPI sales to China at $388-389/mt cfr, but no deals were confirmed. Last week’s sales to China from the CIS were around $387/mt cfr and below. Prices in China are softening because iron ore, coking coal and rebar prices have declined.
The Davis Index for nodular pig iron (NPI) imports increased by $6/mt to $426/mt cfr Nola, as the low-supply material has been offered to the US market at $430-440/mt cfr Nola for December shipment. However, no deals have been confirmed, and buyers countered at lower prices.
The weekly Davis Index for US hot briquetted iron (HBI) imports was flat at $255/mt cfr Nola. Neither offers nor bids for HBI were reported, as demand has been low, but it was priced as such Thursday, based on price trends for comparable scrap grades.