The weekly Davis Index for CIS basic pig iron rose by $15/mt to $381/mt fob Black Sea on Friday on fresh sales into China.
China returned to pig iron markets this month with strong demand and booked a Russian cargo this week at $408/mt cfr. The new sale has triggered another round of increased offer prices with offers into China now trending at $410-415/mt cfr, which puts fob Black Sea levels at $380-385/mt.
The weekly Davis Index for CIS pig iron in Italy increased by $12/mt to $395/mt cfr on Friday as suppliers raised offers to $400/mt by the end of the week, after starting the week at an offer level of $390/mt cfr. There were no deals reported in Italy.
Offer prices to the US have increased to $395-400/mt cfr with little interest at the moment from US buyers who have so far refused to chase the market driven by China’s appetite.
A Turkish mill booked pig iron at $389/mt cfr Marmara this week, up by $10/mt from a book a week earlier.