Brazilian basic pig iron (BPI) sellers, who have been insisting on higher offer levels since last week, have sold sizable lots to China recently. However, the targeted levels were not achieved.
Brazil-based pig iron suppliers have been insisting on $300-305/mt FOB since the last week of May, amid a lack of pressure to sell urgently as large volumes were traded previously. However, some of them have decided to accept lower bids from buyers, which was considered by market players to be a bit premature since the market in China has strengthened somewhat.
Accordingly, two cargoes of ex-Brazil BPI with 0.15 percent phosphorus content, totalling 35,000 mt and 45,000 mt, have been sold at $295/mt FOB, SteelOrbis has learned. The lots will be shipped in August. According to sources, both batches were booked by traders to be sold to China, while at least one of them has already been traded at about $330/mt CFR.