Brazilian BPI sellers active in exports

Tuesday, 06 December 2022 15:11:50 (GMT+3)   |   Istanbul
       

A new ex-Brazil basic pig iron (BPI) deal has surfaced in the market, with the price being much lower compared to the levels in deals which SteelOrbis has reported yesterday, December 6. Specifically, a 50,000 mt cargo of ex-Brazil BPI, with 0.15 phosphorus content has been sold to a major US steelmaker at $415/mt FOB, for January shipment. With the freight estimated at $25/mt, the CFR price may be around $440/mt CFR. Although this price is by $38/mt lower than that another Brazilian BPI seller managed to get in its BPI sale to the US, some market insiders claim that the deal in question was done even lower, namely, at $435/mt CFR. Information about one more ex-Brazil BPI sale, to a major Turkish steelmaker, has been actively discussed in the market lately. A 35,000 mt cargo has reportedly changed hands at below $450/mt CFR. Despite the absence of confirmation by the time of publication, the price is considered to be workable for both sides. “The difference between freight rates to the US and Turkey is around $10/mt, so it works,” a major international trader stated.

As SteelOrbis has reported yesterday, a Brazilian BPI seller managed to sell two cargoes of BPI (50,000 mt and 30,000 mt), for January shipment to the US, with one cargo for BPI with 0.15 phosphorus content at 478/mt CFR Port of New Orleans, while the second was for BPI with 0.1 phosphorus content at $500/mt CFR Port of New Orleans.

Given the above information, the SteelOrbis reference prices for ex-Brazil BPI have settled at $415-445/mt FOB, compared to the previous $420-450/mt FOB levels.


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