Indian Sponge Iron Export Offers Increase, Fresh Deals Stalled
Mining News Pro - Sponge iron export offers to Bangladesh increase significantly by USD 10-20/MT in current week over spurt in Indian domestic sponge prices.

The current export offers from East India ranging at USD 340-350/MT CPT (dry port of India & Bangladesh) & USD 360-370/MT CFR Chittagong, Bangladesh. The prices surge by USD 10-20/MT against SteelMint`s last week assessment at around USD 325-330/MT CPT & USD 350/MT CFR.

As per suppliers in West Bengal & Odisha - East India, there is spurt in prices however no inquiries from Bangladeshi mills and buyers willing to book material at similar price of last week at around USD 350/MT CFR Chhittagong.

In a week, Sponge prices in Eastern India rose by INR 1,000-1,200/MT (USD 15-18) due to seasonal low supply amid steady demand. This has led to rise in export offers.

It will be interesting to see how the fresh deals will take place as per market participants assuming, the Indian domestic & export prices likely to remain strong due to seasonal supply crunch, likewise there is healthy bookings with the manufacturers.

The current domestic prices for export grade Sponge iron (FeM 78-80, lumps) hovering at INR 22,000-22,500/MT (USD 320-323) Ex-Rourkela & INR 23,000/MT (USD 335) Ex-Durgapur - East India.

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