BigMint is a Market Intelligence and Price Reporting firm that caters to the data and analytics requirements of businesses in the commodities sector. It publishes real time prices and information, which is impartial, independent and reliable, sourced from all industry interfaces – sellers, buyers, agents and traders. This data is filtered and passed through very stringent, calculative assessments before final prices are derived, thereby giving our clients accurate pricing.

Go to List

India: Declining Domestic Sponge Iron Prices Pull Down Export Offers

...

Sponge Iron

BigMint Bureau

701 Reads

19 Mar 2020, 17:51 IST

India: Declining Domestic Sponge Iron Prices Pull Down Export Offers

Indian sponge iron export offers to Bangladesh declined further following constant drop in Indian domestic prices due to limited inquiries.

-- Fresh export offers dropped by USD 10-15/MT than last week. Current offers for sponge C-DRI (80 FeM, 100% lumps) stand at around USD 255-260/MT as against the previous week which was assessed at USD 270-273/MT CPT Benapole (dry port of India & Bangladesh).

-- On CFR basis, the fresh export offers would be around USD 275/MT as against the previous week offers of USD 285-290/MT CFR Chittagong, Bangladesh.

Indian domestic sponge iron offers also fell by INR 1,200-1,400 (USD 16-19)/MT W-o-W, as per SteelMint's assessment.

Also, another key factor attributed to the falling export prices is the weakening Indian rupee which is trading at INR 75.2 than the previous week at INR 74.4 against US dollar, down by 1.2%.

Sources expect that sponge iron prices may remain under pressure due to slowdown in domestic consumption as standalone furnaces in major locations are planning to curtail production in order to maintain margins.