The weekly Davis Index for basic pig iron (BPI) decreased by $3/mt Thursday to $347/mt cfr New Orleans, as the US domestic ferrous scrap market softened amid healthy supply, mild weather, and export market—as well as related dock price—decreases.
The most recent BPI cargo sale was from the CIS (Commonwealth of Independent States) to the US, selling for $345/mt cfr Nola and increasing by $5/mt over the last deal, but still below BPI offers originating from CIS and Brazil, which remain at $350-355/mt cfr Nola.
The Index for nodular pig iron (NPI) imports decreased by $13/mt to $418/mt cfr New Orleans, with no new sales this week. Offers heard declined to $405-430/mt cfr Nola from $430-440/mt cfr Nola, with no confirmed bids at that level.
The weekly Davis Index for US hot briquetted iron (HBI) imports remained flat at $254/mt cfr New Orleans. No HBI import deals to North America were reported this week, however, the material is moving to other locations.
Sellers and consumers project US domestic ferrous scrap prices to drop by $20/gt, maybe even $30/gt, in February. US bulk exporters on the East and West Coast decreased dock collection prices by $5-10/gt over the past two weeks, because weaker export demand. BPI and NPI may remain at current levels based on availability and demand for those materials.