Ex-Russia BPI stops rising amid easing demand

After the gains seen earlier this month, prices for ex-Russia basic pig iron (BPI) have stopped increasing because demand from major sales destinations has slowed down.

The SteelOrbis reference price for ex-Russia BPI has remained stable at $370-380/mt FOB Black Sea. “It's been completely quiet this week. Offers are stable at $375/mt FOB and above, but buyers want lower prices,” a source said. The last deal has been heard at near $400/mt CFR to Turkey, which translates to $375/mt on an FOB basis. “Demand is on pause; customers are waiting for a trend reversal,” another source commented.

Buyers in Egypt have been targeting $390-400/mt CFR, but this translates to $360-365/mt FOB at the highest, and most sellers agree this is too low for the current market.