Prices for ex-Brazil basic pig iron (BPI) have been stable or have posted just minimal changes of around $2/mt in the latest deals to the US. Despite expectations for some small price increase in September shipment sales, Brazilian suppliers have failed to achieve this even though local scrap prices in the US have started to settle at stable or up to $20/mt higher, as expected.
Two deals for ex-Brazil BPI with 0.15 percent phosphorus content have been done at $438/mt FOB and $440/mt FOB by two different sellers to the US market, while the previous deals reported around two weeks back were at $440/mt FOB. The final price level for the US buyers translates to $465-470/mt CFR depending on additional expenses.
There has been a lack of alternative BPI offers to the US as Ukrainian suppliers have been taking a step back and targeting $475/mt CFR.
Also, there has been an inquiry from Mexico for 30,000 mt of BPI for October shipment and offers received have been at $465-475/mt CFR from different countries, including Brazil, fully in line with the last reference price in the US. There has been no confirmation so far of a deal having been done.