The weekly Davis Index for CIS basic pig iron rose by $7/mt to $520/mt fob Black Sea on Friday amid robust trading. A price increase in ferrous scrap and steel products supported the uptrend for pig iron.
Pig iron buyers around the world were active and accepted higher prices at the end of February. A Russian supplier sold 50,000mt of the material at $550/mt cfr to the USA, and after this transaction, other CIS exporters raised offers to $570/mt cfr.
The weekly Davis Index for CIS pig iron in Italy rose by $18/mt to $553/mt cfr on Friday on new deals. A Ukrainian exporter sold a cargo at $550/mt cfr at the beginning of the week and another one at $555/mt cfr at the end of it. The material is assigned for distribution. Last week, CIS pig iron changed hands at $535/mt cfr in Italy.
Turkey continued to purchase pig iron from the CIS. Thus, a Ukrainian supplier sold small tonnages (5,000-10,000mt) at $560/mt cfr for distribution, and a Russian exporter traded 5,000mt of the material at $550/mt fob for foundries.