The weekly Davis Index for basic pig iron (BPI) increased by $5/mt from $317/mt cfr New Orleans to $322/mt cfr Nola on Thursday, amid higher sales and offer prices to the US.
Two cargoes of BPI were sold to the US this week at $320/mt cfr Nola for CIS-origin material, an increase of $5/mt from sales at $315/mt cfr Nola on June 4.
US proposals this week are at $320-330/mt cfr Nola from the CIS, same as last week’s offer levels. South Brazilian producers sold BPI to China at $310/mt fob which relates to US offers around $330-340/mt cfr, however the material has raised levels of phosphorus, above the customary threshold of 0.12pc.
The index for nodular pig iron (NPI) imports remained unchanged at $375/mt cfr Nola and the weekly Davis Index for US hot briquetted iron (HBI) imports was flat at $233/mt cfr Nola as offers are low this week, and new sales have not been confirmed for these grades.
Pig iron prices and demand for the material are expected to remain close to current levels throughout June with little up or down movement until more clarity is provided domestically on market direction. Markets are subdued following June domestic scrap trading that settled a bit below initial expectation.