The weekly Davis Index for the CIS basic pig iron climbed by $1/mt to $325/mt fob Black Sea on Friday with new sales to the US.

 

Most CIS exporters are staying firm on pricing because pig iron availability is still limited. However, buying activity is low though Russian suppliers succeeded in selling two cargoes to the US at $325/mt fob. Market participants estimate that prices should be in the range of $345-348/mt cfr.

 

The weekly Davis Index for the CIS pig iron in Italy was flat at $343/mt cfr on Friday amid a quiet market. Demand for the material is minimal and bids are missing, while offers from the CIS remain in the range of $345-350/mt cfr Italy.

 

Pig iron purchases are on hold in Turkey, because mills achieved lower prices for ferrous scrap and want to understand how much more they will fall. CIS suppliers continue to ask $345-350/mt cfr for pig iron with no interest from Turkish buyers. Some market participants are offering the same material at $325/mt cfr.

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