The weekly Davis Index for basic pig iron (BPI) declined by $1/gt on Thursday to $346/mt cfr New Orleans, after two cargos were sold to the US from a Commonwealth of Independent States (CIS) supplier at prices ranging from $337-$345/mt cfr on Friday.
BPI offers originating from CIS and Brazil remain at $350/mt cfr Nola with no confirmed bids or deals this week.
BPI producers expect prices to remain flat or increase due to improved export demand and firm domestic scrap prices subsequent to the decreases during February trade.
Production in Brazil was affected due to a rainy season but the latest BPI cargo from the South American country was at $350/mt cfr Nola. CIS producers have continued with increased hot metal use for steelmaking rather than for pig iron generation.
The Davis Index for nodular pig iron (NPI) imports was flat at $418/mt cfr Nola on Thursday, with no new sales this week. The last offers heard declined to $405-430/mt cfr Nola from $430-440/mt cfr Nola, with no confirmed bids at that level.
The weekly Davis Index for US hot briquetted iron (HBI) imports remained unchanged at $254/mt cfr New Orleans. No HBI import deals to North America were reported this week, however, the material is moving to other locations.
New offers for BPI are expected to rise a bit, above prior levels of $350/mt cfr Nola after active trades from Turkey for US-origin cargos were made at increased prices this week.