Prices for ex-Russia basic pig iron (BPI) have been fluctuating in a limited range with a positive bias, since, on the one hand, limited demand from Turkey has been supporting prices after the previous increase seen in April-early May. But, on the other hand, a further rise is also hard to achieve and customers are seeking to keep buying only at the current prices.
The SteelOrbis reference price for ex-Russia BPI is stable at $370-380/mt FOB Black Sea this week, with the midpoint at $375/mt FOB, up $2.5/mt on average over the past week. Deals for small lots have been done at $375-380/mt FOB or so, while for larger volumes the tradable level has been at $370-375/mt FOB.
One deal for higher-quality pig iron from Russia has been done at $425/mt FOB Black Sea for the Turkish market, with an extra added to the basic grade of around $50/mt. “There are not many deals, everyone is just surviving. But the firm prices are still holding… Those buyers whose inventories are almost finished are buying at the current market price. The difficult season will begin in late June, when everyone will finish restocking and will go on vacation,” a source said.
