The weekly Davis Index for basic pig iron (BPI) ticked up by $3/mt to $579/mt cfr New Orleans port on Friday following higher offers from bullish CIS and Brazilian sellers on renewed demand and fresh deals.
The most recent transactions this week from the CIS or Brazil are in the range of $570-575/mt cfr Nola while bids and offers are now between $580-600/mt cfr Nola. Suppliers are offering next shipments at $600/mt cfr Nola, with no support from buyers yet.
Prior to this, a cargo of BPI sold from South Brazil last week at $565/mt cfr Nola for discounted high-phosphorus material. Pricing is projected to trend upward by next week, with $580/mt cfr Nola the base level, according to sources.
The Davis Index for nodular pig iron (NPI) imports remains unchanged at $650/mt cfr Nola. The material is in tight supply and current offers entail shipment by July or later. Offers heard for NPI this week remain between $650-680/mt cfr Nola with bid level just under the range.
The weekly Davis Index for US hot briquetted iron (HBI) imports rose by $5/mt to $430/mt cfr Nola. Offers or bids have not been heard recently however the material’s updated price valuation is based on price movements occurring for similar grades along with the most recent consumer interest levels.