The weekly Davis Index for CIS basic pig iron increased by $3/mt to $361/mt fob Black Sea on Friday amid higher offers and a new deal in China.
No bookings were reported in the CIS export pig iron market from the Black Sea basin at the end of October, while some transactions were fixed for cargoes, which will be shipped from other ports. Thus, a CIS supplier sold 20,000mt of pig iron from Far East Russia to China at $395/mt cfr for January shipment on Oct 29, while previous sales to China were done at $387-390/mt cfr. The same producer closed a deal at $392/mt cfr Taiwan for 15,000mt of the material.
Another Russian seller found a buyer in Western Europe for 5,000mt of pig iron at $375/mt fob Baltic Sea for January delivery.
Most of the CIS exporters have sold out material for December shipment and in anticipation of increased demand have raised offers for the material to $365/mt fob Black Sea amid limited availability. Negotiations are in progress.
The weekly Davis Index for CIS pig iron in Italy was flat at $375/mt cfr on Friday as the stalemate on prices continues between buyers and sellers.