The weekly Davis Index for basic pig iron (BPI) remained unchanged at $378/mt cfr New Orleans port on Thursday as markets awaited more cues from domestic scrap trading that has been developing at mostly flat prices.
Industry participants are also anticipating election results and are trying to factor in its impacts on the scrap market. However, the domestic and metallic import markets remain firm; those polled feel that scrap prices will remain solid in November, which will hold pig iron and other scrap substitutes’ prices steady.
The most recent BPI bookings from the CIS to the US stand at $373-377/mt cfr Nola, after several bookings concluded near the end of October. The succeeding deals are expected to settle with less volume but higher prices.
The current offers to the US from CIS producers continue at $385-390/mt cfr Nola, for December or January shipment.
Offers from Brazil to China are at $375/mt fob on Thursday, which compares to about $395/mt cfr Nola. These levels represent a $5/mt increase compared to last weeks’ offers at $370/mt fob. Sales concluding last week into China from the CIS were at $392-395/mt cfr and from the CIS to Western Europe at $375/mt fob Baltic Sea.
The Davis Index for nodular pig iron (NPI) imports was flat at $438/mt cfr Nola. Availability of the material remains limited and the grade is being offered into the US market at around $440/mt cfr Nola or above, for December shipment.
The weekly Davis Index for US hot briquetted iron (HBI) imports is unchanged at $258/mt cfr Nola. New activity has not been heard for HBI as demand has been low, however the material is likely priced at this level on Thursday, compared to price trends for similar alternative grades.