The weekly Davis Index for basic pig iron (BPI) remained unchanged at $570/mt cfr New Orleans port on Thursday as the industry takes a break during the holidays.
Multiple deals from Brazil to the US last week were in the range of $558-570/mt cfr Nola. New activity is projected to resume next week alongside the January domestic scrap trade wherein large price surges are anticipated.
BPI prices have soared by more than $110/mt since the beginning of December and about $140/mt since late November with expectations to reach $600/mt cfr Nola soon.
The Davis Index for nodular pig iron (NPI) imports is flat at $600/mt cfr Nola. The grade is limited in availability, but the offers heard for NPI have ranged from $580-610/mt cfr Nola for May or other Q2 2021 delivery.
The weekly Davis Index for US hot briquetted iron (HBI) imports is unchanged at $440/mt cfr Nola. The price estimation for the material is supported by Venezuelan import price in correlation with domestic HBI levels, presently around $10/gt more than prime scrap grades.