The weekly Davis Index for the CIS basic pig iron decreased by $6/mt $319/mt fob Black Sea on Friday as buyers looked for discounts due to significant ferrous scrap price decrease in the global market.
Only one pig iron sale was reported from the CIS in the first week of Feb, where a producer sold a large cargo of the material to the US, though the price details were not disclosed.
Buyers expect prices to fall to $330/mt cfr or even lower, though some CIS suppliers were offering pig iron at $340-345/mt cfr to the during the week.
The weekly Davis Index for CIS pig iron exports to Italy dropped by $8/mt to $335/mt cfr on Friday. Some CIS exporters asked $340/mt cfr and found no interest from Italian buyers due to weak demand.