The weekly Davis Index for US basic pig iron (BPI) remained flat on Thursday at $347/mt cfr New Orleans, as healthy supply, mild weather, dock price decreases, and less export activity ensured the US domestic ferrous scrap market remains somewhat soft.
A confirmed cargo from the CIS (Commonwealth of Independent States) to the US sold for $346/mt cfr Nola on Thursday. This follows a BPI cargo from the CIS that was sold to the US for $348/mt cfr Nola on Wednesday.
Two BPI cargo sales last week from the CIS to the US sold in a similar range of $345-348/mt cfr Nola. BPI offers originating from CIS and Brazil remain at $350-355/mt cfr Nola.
The Index for nodular pig iron (NPI) imports is unchanged at $418/mt cfr New Orleans, with no new sales this week. The last offers heard decreased 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.
Market participants project US domestic ferrous scrap prices to drop by $10-20/gt, during the trade next week. Prices for steel, BPI and other scrap alternatives are expected to soften as a result of US bulk exporters on the East Coast decreasing dock collection prices by $5-10/gt consecutively over the past three weeks on weak export demand.