The weekly Davis Index for CIS basic pig iron increased by $10/mt to $513/mt fob Black Sea on Friday amid new deals in Turkey and Italy.
Exporters continued booking small cargoes (5,000-10,000mt) to Turkey and achieved higher prices in a busy pig iron market. An uptrend in ferrous scrap and steel product segments supported the increase in pig iron prices. As a result, a Russian supplier sold basic pig iron at $520/mt fob Black Sea and semi-nodular pig iron at $545/mt fob for distribution, mainly to foundries. A Ukrainian supplier was heard to have closed a deal at $530-535/mt cfr Turkey.
The weekly Davis Index for CIS pig iron in Italy rose by $12/mt to $535/mt cfr on Friday amid existing demand. A Ukrainian exporter sold two cargoes of the material at around $535/mt cfr to different traders during the week.
There were no transactions reported for CIS pig iron in the USA, but suppliers are bullish, considering prices at alternative outlets.