India: Sponge iron export offers drop by $9-17/t w-o-w amid modest buying
Sponge iron export prices declined significantly by $9-17/t w-o-w to $375/t CPT Raxaul for Nepal and $380/t CPT Benapole for Bangladesh, amid modest procurement. Buyers were wary, primarily due to subdued domestic steel demand, and adopted a restrained approach to inventory building ahead of the festive period. Deals of approximately 6,500 t of sponge iron were concluded, destined for Nepal and Bangladesh.