The weekly Davis Index for CIS basic pig iron increased by $17/mt to $605/mt fob Black Sea on bullish market sentiment on Thursday.
CIS pig iron exporters raised offers to $610-635/mt fob Black Sea depending on destination, due to the uptrend in global ferrous scrap, iron ore, and steel product markets and limited pig iron availability.
Deals were sporadic in the second week of May, though a Russian supplier sold pig iron at $630/mt fob Black Sea to Turkey and at $650/mt fob Baltic Sea to Western Europe. The same exporter traded the material to South Korea from Vladivostok at a price that is equivalent to $670/mt fob Black Sea.
The weekly Davis Index for CIS pig iron in Italy increased by $20/mt to $640/mt cfr on Thursday after a trader sold some tonnages for distribution at around this level.