The weekly Davis Index for basic pig iron (BPI) increased by $72/mt to $570/mt cfr New Orleans port on Thursday following recent higher priced bookings from Brazil to the US.
Deals from Brazil to the US last week were in the range of $505-515/mt cfr Nola for prompt shipment on the higher-priced material, and February shipment for the remaining tons. BPI prices have risen by $115/mt since Dec 3 and about $140/mt in the last 30 days.
BPI prices are expected to reach $600/mt cfr Nola, or higher soon. Producers of the material slowed down offers for the grade by Wednesday ahead of the large price gains expected in the market for January domestic scrap pricing.
The Davis Index for nodular pig iron (NPI) imports rose by $35/mt to $600/mt cfr Nola. Supply is limited for the material, but the rare offers heard for NPI range from $580-610/mt cfr Nola for May, or other Q2 2021 delivery.
The weekly Davis Index for US hot briquetted iron (HBI) imports also rose by $90/mt to $440/mt cfr Nola. The price evaluation is based on import prices from Venezuela and in relation to domestic HBI deals, currently priced about $10/gt above prime scrap grades at production origin sites.