This week, trading in the global basic pig iron (BPI) market has remained muted. Nevertheless, some global first-tier BPI suppliers have become increasingly bullish in their offerings to the US. Accordingly, by the end of the current week, ex-Brazil BPI offers are said to have reached $600/mt CFR Port of New Orleans. Considering the previous deal at $550-555/mt CFR Port of New Orleans signed in early March, the new levels are considered by most market insiders as “a shot in the dark, with nothing relating to the current situation in the market.” “I think they [Brazilians] should rather calm down. The price at $600/mt CFR seems wishful thinking to me since the medium-term projections even in the US do not appear so positive. There is an additional steel capacity coming on stream at southern mills. Furthermore, downstream demand still remains sluggish,” an international trader stated. Despite this situation, at the beginning of the current week ex-Brazil BPI was said to be available at $555/mt CFR Port of New Orleans. Meanwhile, ex-Ukraine BPI supply has remained relatively tight due to the war. The suppliers have continued to be focused on the fulfillment of long-term contracts rather than on sales in the spot market. Nevertheless, a few market sources have reported the availability of ex-Ukraine BPI at $570-575/mt CFR Port of New Orleans.