The weekly Davis Index for basic pig iron (BPI) ticked down by $2/mt to $568/mt cfr New Orleans port on Friday due to inactivity in the metallics import market since the beginning of March.
CIS producers are essentially sold out through April with several May deals already placed. Offers for material remain at $570/mt cfr Nola, however, US consumers see mild softness in this market and view BPI at a slightly lower price point.
Market sentiment on BPI pricing is mixed with the range restricted at $560-570/mt cfr Nola until more market cues are made evident.
April trading may impact pig iron imports as domestic pricing for secondary grades are expected to decline. Prime grades, however, remain tight and in strong demand. BPI continues to sell as a prime alternative, currently supplementing mills’ needs for the material.
The Davis Index for nodular pig iron (NPI) imports held unchanged at $650/mt cfr Nola. Offers and availability are limited for the material with no recent activity reported. Recent offers heard for NPI remain between $650-680/mt cfr Nola with bid level just under the range.
The weekly Davis Index for US hot briquetted iron (HBI) imports was flat at $425/mt cfr Nola. Offers or bids have not been heard recently and the material’s unchanged price valuation is based on price movements occurring for similar grades along with the most recent consumer interest levels.