Indian Sponge Iron Export Prices Fall by USD 5/MT in Recent Deals
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Sponge iron export prices to Bangladesh dropped further by USD 5/MT in recent deals of around 5,000 MT, as per SteelMint's weekly price assessment.
-- Fresh deal of around 5,000 MT for Sponge C-DRI (80 FeM, 100% lumps) was reported by an eastern India based global trading entity. Current trade prices have been assessed at around USD 282-283/MT CPT Benapole. However, SteelMint's last week's assessment for the same was reported at USD 285-290/MT CPT Benapole.
-- Thus after this deal, SteelMint's price assessment has come down to USD 280-285/MT CPT Benapole (dry port of India & Bangladesh) which is equivalent to USD 295-300/MT CFR Chittagong, Bangladesh.
Participants believe that with rise in global scrap prices, buyers have turned active for sponge bookings and have booked decent volume. Few deals of Indian sponge iron export were heard at USD 283-285/MT CPT Benapole in last weekend.
Indian Sponge Prices Remain Volatile
Sponge iron prices in Indian market remained volatile on account of subdued demand for finished steel products.
The offers in eastern India for Sponge C-DRI (78-80 FeM, mix material) are hovering at INR 18,700-800 (USD 260-262)/MT ex-Rourkela & INR 19,500 (USD 272)/MT ex-Durgapur, excluding 18% GST.
Sources are expecting prices to remain volatile owing to strong supply and average demand in domestic & exports.
