CIS-based suppliers of basic pig iron have again managed to increase their export sales prices following firm demand from China coupled with a recent significant increase in iron ore quotations.
SteelOrbis has learned of the most recent sale of 50,000 mt of BPI produced by Russia’s NLMK to China at $354/mt CFR. The material is for September shipment. With the current freight rates, the FOB price is estimated at $320-321/mt. The previous cargo of BPI of the same origin was traded last week at $347/mt CFR China ($313-314/mt FOB). “Prices in China keep going up and up…Following the recent iron ore price surge combined with the ban on scrap imports, pig iron seems to be relatively cheap”, an international trader commented.