Indian Sponge Iron Export Prices Firm; Deals Reported

Indian Sponge iron export prices remained firm in recent deals to Nepal & Bangladesh.

As per market sources report to SteelMint, small parcels of sponge C-DRI (80 FeM, 100% lumps) have sold to Bangladesh on firm price range of about USD 270-272/MT CPT Benapole (dry port of India & Bangladesh), this is equivalent to USD 285-288/MT CFR Chittagong, Bangladesh. The prices are firm as per SteelMint's weekly assessment.

Similarly export deals reported to Nepal for couple of rakes this week at an average price of USD 238-240/MT loaded to rake in eastern India. The landed cost to Nepal would be around USD 265/MT CPT Raxaul/Jogbani border, Nepal. Each rake carry about 2,500 MT sponge.

Inline, Sponge iron prices in Indian domestic remain slightly fluctuated by INR 100-300/MT, following which export prices remained more or less firm amidst moderate demand.

Further participants mentioned that, there were healthy deals concluded last week, however this week trade volume fell as most of regular buyers in neighboring nations have sufficient stock. Thus inquiries are expected to improve in the coming days as local steel demand in Nepal & Bangladesh being slightly better.

The current offers of sponge C-DRI (78-80 FeM) in Indian market is reported at INR 16,500-16,700/MT (USD 231-235) ex-Rourkela, Eastern India, INR 16,800-17,000/MT (USD 235-238) ex-Bellary, Southern region & INR 17,400-17,600/MT (USD 244-247) ex-Raipur in Central India; ex-works & excluding of 18% GST.