Basic pig iron (BPI) import sales to the US increased $7/mt from the prior week with the weekly Davis index price for BPI rising by $4/mt to $340/mt.
A CIS origin cargo of BPI was heard sold to the US at $340/mt cfr Nola, subsequent to the CIS origin cargo of BPI sale at $333/mt cfr Nola. No further BPI offers originating from CIS and Brazil were heard this week as ferrous markets in the Americas and Europe remained relatively inactive due to the holidays.
Nodular pig iron (NPI) import prices were unchanged at $431/mt. Last offers heard were in the range of $430/mt to $440/mt cfr Nola. NPI sales are projected to increase to $450/mt to $460/mt as we enter 2020.
Hot briquetted iron (HBI) import prices were flat at $250/mt. The last Venezuelan origin HBI offers heard remains at $250-$255/mt cfr Nola. There are no firm HBI import deals reported to North America this week. HBI material is currently moving to Europe.
Upward momentum continues with domestic ferrous scrap prices, placing January expectations in the range of $20/gt to $40/gt increases compared to December. BPI and other scrap alternatives are projected to rise in conjunction with the anticipated rise in scrap prices.