The weekly Davis Index for CIS basic pig iron increased by $10/mt to $503/mt fob Black Sea on Friday as Turkey and Italy resumed bookings.
Demand for pig iron improved as buyers became active after prices reached a bottom last week but began trending up in the global ferrous scrap market this week. In two deals in Turkey this week, a Russian supplier sold 5,000mt of basic pig iron at $510/mt fob Black Sea and the same volume of semi-nodular pig iron at $525/mt fob. Most of this material will be distributed to Turkish foundries.
The weekly Davis Index for CIS pig iron in Italy increased by $7/mt to $523/mt cfr on Friday as importers returned to the market. A deal at $523/mt cfr for approximately 5,000mt of Ukrainian material was reported after negotiations.
No new transactions were reported in the US this week, while Davis Index was informed that a large Russian exporter sold 70,000-75,000mt of pig iron at $510/mt cfr New Orleans last week. The cargo is due to be shipped from the Baltic Sea at the beginning of May.