Indian Sponge Iron Export Offers Remain Stable, Deals Reported

Sponge iron export offers from eastern India continued to remain stable over limited buying inquiries from Bangladesh, SteelMint learned from participants.

Bangladesh is the major buyer of Indian sponge iron exports and contributes for more than 50% share.

The export offers are currently evaluating similar to last week at USD 330/MT CNF Chittagong, Bangladesh, this is equivalent to USD 310-315/MT CPT Benapole (dry port of India & Bangladesh).

As per exporters, the buying inquiries not up to the mark and inquiries are coming in the range of USD 325-330/MT CNF Chittagong, Bangladesh.

They mentioned that, as the local steel demand is on average basis in Bangladesh, the buying inquiries for Sponge iron is also limited. In addition as there is festive season of Ramadan the mills are not looking to piling up of raw materials due to less productions during the tenure.

Also, Imported scrap offers to Bangladesh more or less firm since a week duration owing to low procurement and as per assessment, shredded scrap from UK origin offered at around USD 350/MT, CFR Chittagong, Bangladesh.

It seems that, trade activities related to domestic & imports to remain limited in Bangladesh till the resumption of full-fledged activities in domestic market.