The weekly Davis Index for basic pig iron (BPI) was flat on Thursday at $324/mt cfr New Orleans amid weak demand and supply tightness. Material is being offered in the US at the prior week’s levels, with no new deals confirmed.
China is actively purchasing available BPI material at current price levels, leaving tight supply and low obtainability for the US market. Producers have been offering BPI since March 26 at $320-330/mt cfr Nola.
The index for nodular pig iron (NPI) imports is flat at $418/mt cfr Nola, with no new sales this week. The last offers heard declined to $405-430/mt cfr Nola from $430-440/mt cfr Nola, with no confirmed bids at that level.
The weekly Davis Index for US hot briquetted iron (HBI) imports remained unchanged at $254/mt cfr New Orleans. No HBI import deals to North America were reported this week, nor was the material reportedly moving to other locations.
Some domestic ferrous trading has commenced this week as a couple Detroit area mills announced price decreases of $30/gt for prime grades and $50/gt for shredded and cut grades.
Market participants confirm US pricing is not likely to reconcile until next week. Unexpected resumption of buying activity from Turkey has added an optimistic facet to market dynamics this week.
In Canada, Dofasco entered the market early on Thursday announcing price decreases of C$22/nt ($17.64/gt) for prime grades and C$51/nt ($40.88/gt) for secondary materials. However, market participants indicate, sellers have not confirmed sales at those levels.
($1 = C$1.40)