Indian Sponge Iron Exporters Hold Fresh Bookings on Market Uncertainty

Indian sponge iron export bookings have continued to remain on lower side, SteelMint learned from its trade sources.

Few market participants highlighted that demand is active from Bangladeshi mills, however Indian suppliers are not willing to conclude deals on account of market uncertainty, logistic concerns & low bids.

They mentioned that, due to pending deliveries of previous deals, the manufacturers have kept themselves away from fresh bookings.

Amid less clarity on future market direction and uncertainty on when the domestic trades will resume and what will be the price movements, no deals were reported. Notably, imported scrap offers to Bangladesh have climbed by USD 15/MT post rebound in Turkish market.

If sources are to be believed, several vehicles are stuck in dry ports of India & Bangladesh/Nepal due to high checkpoints over COVID-19 fears, for which major transporters are not taking risk for fresh material loading.

-- SteelMint's last price assessment for Indian sponge iron (80 FeM, 100% lumps) exports was reported on 21st Mar'20, at around USD 255-260/MT. Few partcipants highlighted presently buying interest at USD 235-240/MT CPT Benapole (dry port of India & Bangladesh).