A firm buying spree by Chinese buyers has given further certainty to global suppliers of basic pig iron (BPI).
SteelOrbis has been informed of a 25,000-30,000 mt ex-India BPI cargo sold to China at $358-359/mt CFR at the end of last week. The material is to be shipped in August. Another cargo of the same origin for September shipment was booked at $355/mt CFR.
“Taking into account firm demand from Chinese customers, we are targeting $360/mt CFR. Overall, we are not in a hurry now,” a CIS-based supplier stated, emphasizing the limited allocation of material with short lead times in the market.
Most Brazilian sellers are offering BPI for November shipment. “I would not sell below $365/mt CFR at the moment,” one of the key Brazilian sellers commented. “In the current situation, we will see $365-367/mt CFR China soon”, an international trader told.
Previous deals before the abovementioned sales were signed at $353-356/mt CFR China about a week ago, for ex-Brazil material.