The weekly Davis Index for basic pig iron (BPI) moved down by $8/mt to $520/mt cfr New Orleans port on Thursday as activity paused amid weakening demand. The latest offers and bids have lowered modestly, and the next deals may be priced near or just under prior sales levels.
New BPI transactions were not heard this week, following last week’s sale from India at approximately $465/mt fob, which translates to $500-510/mt cfr Nola. Other recent deals were reported at $500-510/mt cfr Nola for lowered grade material from Southern Brazil containing elevated, 0.15pc phosphorus. The standard grade that holds closer to 0.10pc of the chemical was being offered at $510-530/mt cfr Nola on Tuesday.
Producers in the CIS are targeting $520-525/mt cfr Nola for the next BPI sales while buyers are aiming for $515-520/mt cfr Nola. The market also awaits more clarity on price levels and industry participants’ outlook on the upward or downward movement of metallic imports and domestic ferrous scrap prices, though most lean toward an upturn.
The Davis Index for nodular pig iron (NPI) imports fell by $10/mt to $570/mt cfr Nola. The material’s availability remains tight and activity is low, but the latest offers and bids heard for NPI are at $560-580/mt cfr Nola with delivery entailing May or later.
The weekly Davis Index for US hot briquetted iron (HBI) imports decreased by $22/mt to $378/mt cfr Nola. New bids or offers have not been heard recently, however, the price estimation for the material has been modified based on price movements for similar grades along with consumer perception and interest levels.