The weekly Davis Index for CIS basic pig iron rose by $2/mt to $290/mt fob Black Sea on Friday.
CIS pig iron exporters sold all available tonnages for June shipment with the last and small cargoes traded this week. Two pig iron deals were closed in Turkey at around $300/mt cfr.
Negotiations also resulted in a contract in Italy, where a producer from Ukraine sold around 5,000mt of pig iron at slightly below $310/mt cfr, because of which, the weekly Davis Index for CIS pig iron in Italy remained unchanged at $308/mt cfr on Friday.
A Russian supplier found a buyer in Western Europe for 5,000mt of pig iron at $320/mt fob Baltic Sea this week.
It is too early to start negotiations for July shipment cargoes both for CIS exporters and importers, but sellers expect higher prices, anticipating better demand globally as the steel industry recovers from temporary COVID-19 related shutdowns.