The weekly Davis Index for basic pig iron (BPI) was unchanged on Thursday at $324/mt cfr New Orleans as markets remained quiet following continued industry slowdown.
Demand is low and supply is tight as little material is being offered into the market. The few offers available this week remain at $320-330/mt cfr Nola, the same level since March 26, with no new deals confirmed.
The index for nodular pig iron (NPI) imports dropped by $40/mt from $418/mt cfr Nola to $378/mt cfr Nola, as offers, though not readily available, declined to $375-380/mt cfr Nola. Prior offers since January 23 were at $405-430/mt cfr Nola with no confirmed sales since Dec 2019.
The weekly Davis Index for US hot briquetted iron (HBI) imports declined by $45/mt from $254/mt cfr Nola to $209/mt cfr Nola, amid low offer price and downward pressure on other grades. Venezuelan HBI is not generally being offered to North America. The last HBI import material offers to the US from the South American country were at around $245/mt in September 2019, however, most cargos from Venezuela have moved to Europe since then.
Domestic ferrous scrap trading finalized on April 14 at price decreases of $20-30/gt for prime grades and $30-50/gt for shredded and cut grades, in most markets. Activity was reported at around 25pc compared to March levels as uncertainty prevails for the near- to mid-term in the industry.