The weekly Davis Index for basic pig iron (BPI) rose by $16/mt to $595/mt cfr New Orleans port on Friday as import offers firmed up. The weekly Davis Index for CIS basic pig iron increased by $15/mt to $568/mt fob Black Sea on Friday amid new deals in Europe and Turkey.
The latest BPI import offer levels from the CIS or Brazil are between $600-620/mt cfr Nola on rising demand for prime grade material to fulfill upcoming May domestic scrap trade needs. Some producers also note being sold out through August. Buyers see the BPI price point at around $600/mt cfr Nola or under this week.
Local US markets are expecting to see price increases when ferrous trading begins next week.
The Davis Index for nodular pig iron (NPI) imports increased by $14/mt to $664/mt cfr Nola. The material is in tight supply and current offers entail shipment by July or later. Offers heard for NPI this week have risen to $680/mt cfr Nola with bid levels as low as $650/mt cfr Nola.
The weekly Davis Index for US hot briquetted iron (HBI) imports increased by $6/mt to $436/mt cfr Nola. Offers or bids have not been heard recently however the material’s price estimate is based on latest offer levels and compared price movements for similar grades.
New transactions for CIS pig iron were fixed at alternative outlets with small cargoes (around 20,000mt in total) sold from the Black Sea for distribution to the Netherlands and Spain at around $620/mt cfr. A Russian exporter sold 5,000mt of low-manganese pig iron for foundries in Western Europe at $595/mt fob Baltic Sea. The same supplier sold 10,000mt of low-manganese pig iron at $595/mt fob Black Sea for distribution to Turkey.
The weekly Davis Index for CIS pig iron in Italy increased by $7/mt to $593/mt cfr on Friday amid persisting demand. A deal at $592-593/mt cfr for Ukrainian material was reported after negotiations.