Brazilian suppliers of basic pig iron (BPI) did not take long to increase their offer prices following the deal signed at the beginning of current week at $333/mt FOB. Accordingly, SteelOrbis has been informed of a fresh booking for 60,000 mt of ex-Brazil BPI was done by an international trader on August 6 at $340/mt FOB, for November shipment. The material is supposed to be supplied to China. Taking into account the current freight and the trader's margin, the CFR base price is estimated to be above $370/mt. “It seems the price race is only starting,” one market insider commented.