The bullish sentiments in the global steel market have continued to encourage buyers of basic pig iron (BPI) to accept higher prices. In a new ex-Brazil BPI deal disclosed to the market today, May 4, the ex-Brazil BPI price has reached $580/mt FOB.
Accordingly, SteelOrbis has learned of the fresh booking of about 30,000-50,000 mt of ex-Brazil BPI with 0.15 phosphorus content at $580/mt FOB southern ports, for July shipment. The destination of the deal has not been disclosed by the time of publication. Prior to this booking, ex-Brazil BPI was sold by another Brazil-based supplier at $543/mt FOB about ten days before.
“The prices keep going up. I never thought this would happen: however, now I am almost sure they will strengthen even further,” a key international trader commented with regard to the current developments.