After a two week-long pause in trading, some Brazil-based suppliers of basic pig iron (BPI) have returned to the market, with prices soaring very sharply in recent bookings.
Accordingly, SteelOrbis has learned of a recent booking of 60,000 mt of ex-Brazil BPI, for February shipment, at $375/mt FOB to an international trader for shipment to China. The CFR price is estimated at $402-405/mt CFR, with freight being assessed at $27-30/mt. Prior to this deal, Brazil-based suppliers had sold BPI at $355/mt FOB two weeks ago. “I think a lot of buyers sitting on the sidelines are waking up to a new reality,” one international trader commented. As SteelOrbis reported previously, the most recent deal for ex-CIS material was done to China at $405/mt CFR at the end of last week.