The weekly Davis Index for basic pig iron (BPI) remained unchanged at $650/mt cfr New Orleans port on Friday in a quiet market. The weekly Davis Index for CIS BPI decreased by $8/mt to $605/mt fob Black Sea due to lack of demand.
BPI prices remain in the range of $645-655/mt cfr Nola while the latest CIS offers are scarce and still bullish as producers mull the effect of Russia’s tariffs on the market. Sellers’ targets vary from $650/mt cfr Nola to $700/mt cfr.
The Davis Index for nodular pig iron (NPI) imports held at $753/mt cfr Nola. The grade is in tight supply with offers for later shipment only. Latest offers for NPI continue firm at $750-780/mt cfr Nola with bids just under this low point.
US hot briquetted iron (HBI) imports are also flat at $478/mt cfr Nola. Offers and bids have not been heard for the grade. The material’s price level is in line with the latest offers together with a price estimation based on comparable grades.
Some activity was mentioned in the European pig iron market. A new booking was heard in Italy, where 5,000mt of Ukrainian material changed hands at around $660/mt cfr. As a result, the weekly Davis Index for CIS BPI in Italy increased by $5/mt to $660/mt cfr. A Russian exporter sold a similar cargo to Spain at $710/mt cfr.
A new transaction for pig iron was fixed in Asia, where a Russian exporter sold 5,000mt of the material at $740/mt cfr to South Korea.