Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

The weekly Davis Index for basic pig iron (BPI) decreased by $2/mt from $324/mt cfr New Orleans to $322/mt cfr Nola on Thursday amid low buyer interest. The US market is quiet, and consumers have yet to match the price levels for BPI sales into China.


The last BPI deals in the US were settled in the week of June 11 at approximately $320/mt cfr Nola for CIS-origin material and buyers have not shown interest in paying more. Subsequent deals are expected to conclude at or above $325/mt cfr Nola based on Chinese purchases. However, material is in tight supply and producers are not confident BPI demand from China will remain strong.


Some offers for BPI from the CIS region have remained in the range of $325-330/mt cfr Nola since June 4. However, no sales were concluded at these levels, so the market is unsure of what the next developments entail.


The index for nodular pig iron (NPI) imports remained unchanged at $375/mt cfr Nola as new offers for the material have not been heard since the end of May, and sales have not been confirmed. The weekly Davis Index for US hot briquetted iron (HBI) imports were flat at $233/mt cfr Nola amid low demand and import activity for the grade.


Small market improvements continue as we approach the end of June. However, domestic sentiment has remained soft throughout the month as mill buying needs remains below scrap supply levels.

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