The weekly Davis Index for basic pig iron (BPI) increased by $7/mt to $652/mt cfr New Orleans port Friday on more offers and sales to alternative destinations. The weekly Davis Index for CIS BPI rose by $8/mt to $613/mt fob Black Sea on Friday.
Activity is slow in the US with the markets quiet ahead of the July domestic scrap trading slated to begin next week. The most recent BPI transaction last week was reported at $645/mt cfr Nola while offers and bids moved up to some extent this week and range between $645-680/mt cfr Nola.
The Davis Index for nodular pig iron (NPI) imports rose by $5/mt to $753/mt cfr Nola. The grade is in tight supply with offers for future shipment only. Latest offers for NPI continue firm at $750-780/mt cfr Nola with bids just under this low point.
US hot briquetted iron (HBI) imports moved up by $8/mt to $478/mt cfr Nola as new offers and bids are lacking for the grade. The price level for this material is calculated to include the latest offers along with price comparisons with similar grades.
CIS pig iron suppliers switched to alternative outlets since the US market became quiet. A deal was reported in Italy, where Ukrainian material was booked at $655/mt cfr. As a result, the weekly Davis Index for CIS BPI in Italy increased by $5/mt to $655/mt cfr.
In Turkey, a trader purchased a cargo of low-manganese pig iron from the CIS at $680-682/mt cfr for distribution to foundries.