Prices for ex-Brazil basic pig iron (BPI) have remained stable over the past week and no new deals have been signed. Sellers have not been not actively increasing offers, realizing that US buyers are not ready for higher prices, and this will only keep the market silent for longer.
Offers for Brazilian BPI with 0.15 percent phosphorus content are still mainly at around $435/mt FOB for December shipment, and a few negotiations have been held with US customers at $430/mt FOB, but with no new deals done. “Brazilian suppliers are complaining about the rainy season, but supply and demand have not changed yet. It is most likely prices will increase, but with time,” a trader said.
The SteelOrbis reference price for import BPI in the US has remained stable over the past week at $455-465/mt CFR.
Apart from Brazilian BPI, some offers for BPI have been reported to the US from Asia, Indonesia in particular. A cargo of 50,000 mt has been offered by a trader at $455-460/mt CFR. But buyers view the tradable level as not being above $450/mt CFR, the previous price for Indian material sold to the US some time ago.