Even though the booking for ex-CIS basic pig iron (BPI) to China reported at $389/mt CFR last week was considered by most market players as an exception because of the "far too cheap" price, it has triggered a further decrease in prices.
SteelOrbis has been informed of the most recent sale of ex-Brazil 60,000 mt of BPI for December shipment at the end of last week at $384/mt CFR China, with the FOB price being estimated at $354/mt in the best case. As SteelOrbis has reported previously, Brazilian suppliers targeted $370-390/mt FOB in the middle of current month.
"Honestly, any business would have surprised me today, as all our buyers are in holiday mode," an international trader stated, commenting on the situation.
According to market insiders, most CIS-based suppliers are not offering at all these days, waiting instead for "the market to pick up again after the festive holidays in China".