The weekly Davis Index for CIS basic pig iron inched up by $1/mt to $295/mt fob Black Sea on Friday.
CIS pig iron exporters stayed firm on their pricing because, after having sold significant tonnages of the material for July shipment, its availability is limited. The most recent deals were closed around a week ago for $322-325/mt cfr with customers from China.
CIS pig iron suppliers have targeted a $320/mt cfr minimum with other outlets, but negotiations have been slow this week, with no bookings reported.
The weekly Davis Index for CIS pig iron in Italy remained unchanged at $310/mt cfr on Friday, as buyers resisted higher prices and, in doing so, delayed their purchases.
The US pig iron market was inactive during the week, because importers are waiting for domestic ferrous scrap pricing to settle for June. It is expected that prices in the US will either stay flat or increase by around $10/gt.