Since CIS-based suppliers of basic pig iron (BPI) have been maintaining their bullish stance in offering, the US buyers have continued to favor ex-Brazil material.
Accordingly, SteelOrbis has learned of a fresh booking of 35,000 mt of ex-Brazil BPI with 0.15 phosphorus content, done by a key US steelmaker at $543/mt FOB southern ports, for August shipment. Taking into account the estimated freight at $28-30/mt, the CFR price is assessed at slightly above 570$/mt CFR Port of New Orleans, while CIS-based BPI suppliers are said to be in the market with offers at $580/mt CFR Port of New Orleans and above. Prior to this deal, SteelOrbis’ assessment for BPI prices in the US was in the range of $565-570/mt CFR.
Meanwhile, another Brazil-based supplier has continued to push prices up further, targeting to sell not below $560/mt FOB, up $20/mt compared to the price reached in the previous deal, done in the first half of April.