Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

The weekly Davis Index for basic pig iron (BPI) surged by $26/mt to $456/mt cfr New Orleans port on Thursday following a second, higher-priced sale to the US from the CIS. The deal closed late last week and is scheduled for March shipment from the Baltic Sea.


Further offers and bids were exchanged between the CIS and the US at $455-465/mt cfr on Tuesday. The next deals are expected to close over the next two weeks, following domestic trading.


Price tags for metallic imports have increased by $78/mt since Nov 5 when the Davis Index recorded BPI at $378/mt cfr Nola. Domestic markets are similarly robust as December scrap trading is taking place at price levels about $50-70/gt over November settled prices, with some variation.


Spreads in other destinations are not as strong with the recent BPI sales to China at $434/mt cfr from the Far East of Russia, compared to $395/mt cfr levels in early November.


The Davis Index for nodular pig iron (NPI) imports moved up by $50/mt to $495/mt cfr Nola. The material remains limited in supply with few offers; however, market participants assess the price level for NPI into the US market around $490-500/mt cfr Nola on Thursday.


The weekly Davis Index for US hot briquetted iron (HBI) imports corrected by $65/mt to $330/mt cfr Nola. US buyers mention the material has not been in demand, however, the grade is projected to be priced at this level on Thursday, based on price trends for comparable scrap grades.

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