Amid concerns regarding supply shortages which have lately been mounting among customers following heavy rainfall in Brazil, global basic pig iron (BPI) producers have remained quite bullish in their new offerings.
In particular, notwithstanding certain disruptions in production, a Brazil-based BPI seller returned to the market last week and managed to sell a BPI cargo for March shipment at $500/mt FOB, which is $17/mt higher compared to price in the previous booking done by another Brazilian supplier. The destination in the deal in question has not been disclosed, though it is assumed that a trader has booked material with no specific destination yet, but is expecting BPI prices to move up further.