Following a number of deals for ex-Brazil basic pig iron (BPI) closed to China and reported by SteelOrbis earlier this week, a new transaction was disclosed to the market. By the end of the current week, an ex-Brazil seller has managed to sell a cargo at a price closer to target one, even taking into account increased freight rates.
Accordingly, SteelOrbis has been informed of most recent ex-Brazil BPI sale to China at $348-349/mt CFR, which translates to $319/mt FOB. The material is for September shipment. Shorter lead times in comparison with previous deals was a big advantage of a supplier, sources believe. The previous cargoes for October shipment were traded earlier this week at $310/mt FOB ($343/mt CFR). According to sources, while back in early June it was possible to find freight from Brazil to China at $25/mt, currently it is impossible to catch any below $30/mt.
Ex-Brazil BPI offers with August shipment have been heard from the international trader to Mexico at $350/mt CFR, with no business done yet by the time of publication.