The weekly Davis Index for CIS basic pig iron declined by $4/mt to $352/mt fob Black Sea on Friday amid weak business activity.
Negotiations were slow in the CIS export pig iron market as key buyers like the US and China remained absent. Chinese importers were closed for national holidays throughout this week, while US buyers were fully focused on their domestic ferrous scrap trading, where prices trended flat to down $5-10/gt near the coasts.
Chinese customers returned to work at the end of the week and started bidding for pig iron. As a result, most CIS suppliers announced offers at $390/mt cfr, though no bookings were reported on Friday.
The weekly Davis Index for CIS pig iron in Italy dropped by $3/mt to $375/mt cfr on Friday as the global market softened. The Italian market was generally quiet. Negotiations were sporadic due to a gap in the bids and offers, with importers looking to buy at around $370/mt cfr and suppliers willing to sell at close to $380/mt cfr.