The weekly Davis Index for the CIS basic pig iron declined by $3/mt to $316/mt fob Black Sea on Friday, with fresh sales to the US.
Two deals were closed in the CIS pig iron export market on the second week of February. A Ukrainian producer accepted lower prices after negotiations with US customers. According to market participants, one cargo traded at $337-338/mt cfr to New Orleans, while another went for $344-345/mt cfr to the east coast.
Pig iron prices declined in the US after ferrous scrap prices decreased. However, the pig iron downtrend is being restrained by its limited availability.
Russian pig iron suppliers have decided to withhold material because scrap prices in the Turkish market have rebounded.
The weekly Davis Index for the CIS pig iron in Italy remained unchanged at $335/mt cfr on Friday with no bookings reported. Sellers have remained firm in offering pig iron at $340/mt cfr because of its low availability, while buyers’ price indications were heard in the range of $320-330/mt cfr.