The weekly Davis Index for the CIS basic pig iron rose by $9/mt $325/mt fob Black Sea on Friday after a US importer purchased Russian material at a higher price.

 

Negotiations in the US resulted in one more booking with a Russian producer selling a large pig iron cargo at $346-348/mt cfr New Orleans this week. A cargo from Ukraine was traded at $337-338/mt cfr a week ago. The rebound in pig iron prices is supported by its low supply and an uptrend in ferrous scrap in the global market. 

 

Another Russian exporter found buyers at alternative outlets with 10,000mt of pig iron sold to Western Europe at $340/mt fob Baltic Sea. Additionally, the supplier traded 5,000mt to South Korea from the Russian Far East at a price which is equivalent to $350/mt fob Black Sea.

 

The weekly Davis Index for CIS pig iron in Italy went up by $6/mt to $341/mt cfr on Friday as suppliers increased offers asking for $345/mt cfr for pig iron versus $340/mt cfr last week. They are firm due to limited availability of the material. Some traders may consider purchases, while demand from Italian mills remains sluggish.

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