The weekly Davis Index for basic pig iron (BPI) increased by $8/mt to $578/mt cfr New Orleans port on Thursday on fresh bookings at higher prices this week, following a brief lull in activity during the holidays.
The US booked new BPI cargoes from both Brazil and the CIS at $575/mt cfr Nola while further offer prices were heard in the range of $590-600/mt cfr Nola on Thursday. BPI values have surged by $100/mt since Dec 10 and $191/mt since Nov 12, also in tandem with advancement in domestic scrap prices.
The next BPI deals are projected to transact close to $600/mt cfr Nola on market strength as domestic scrap is trading at $90-100/gt above last month.
The Davis Index for nodular pig iron (NPI) imports moved up by $51/mt to $651/mt cfr Nola. The material remains in tight supply, but the latest offers and bids heard for NPI have ranged from $630-675/mt cfr Nola with offers indicating May or later Q2 delivery.
The weekly Davis Index for US hot briquetted iron (HBI) imports climbed by $28/mt to $468/mt cfr Nola. The price evaluation for the grade is in relation to import prices from Venezuela along with domestic HBI levels at certain US production origin locations.