Prices for ex-Brazil basic pig iron (BPI) have been under bigger pressure as major buyers in the US have been looking for prices at least $10/mt lower and as a high number of cargoes is available in the market.
Only one deal has been rumored to the US for ex-Brazil BPI with 0.15 percent phosphorus content at $395/mt FOB, translating to $420/mt CFR or slightly above, but it has not been finally confirmed by the time of publication. “The Brazilian market is very very quiet as the US wants below $390/mt FOB and the Brazilians try to hold offers at $400/mt FOB, which is too high for now,” a trading source said.
The previous deals for September shipment were done at $395-405/mt FOB in August. “Several cargoes are still available for October shipment, at least four or five cargoes in total, from different groups of producers,” a Brazilian source said.
The SteelOrbis reference price for import BPI in the US has settled at $420-435/mt CFR, versus $427-440/mt CFR.
