Iron and Steel

Indian Sponge Iron Export Trades to Bangladesh Remain Limited Amid Holidays

Indian Sponge Iron Export Trades to Bangladesh Remain Limited Amid Holidays
Mining News Pro - Indian export offers for sponge iron (DRI) has increased on rising domestic prices
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Indian export offers for sponge iron (DRI) has increased on rising domestic prices, although no fresh deals have been reported at increased offers.

Indian sponge iron export offers to Bangladesh, which is the largest market for India, has increased by USD 10/MT this week, but no deal has been reported at these levels.

SteelMint`s current week price assessment for sponge exports moved up by USD 10/MT and assessed at USD 350/MT CPT Benapole (land port of Bangladesh and India) & USD 370/MT, CFR Chhittagong, Bangladesh for 80 FeM coal based sponge lumps.

An Indian exporter who majorly exports sponge lumps to Bangladesh quoted, “This week market will remain slow amid ongoing festive Eid holidays in Bangladesh. As of now these days no major buying interest from Bangladesh based furnaces was heard.”

Indian rupee continue to weaken & stood near about INR 70.07 as against US Dollar, which tends to increase import cost of Bangladeshi mills, as of now traders are in wait & watch mode.

Imported scrap prices to Bangladesh fell in recent trades- Buyers bidding for Shredded scrap in containers for UK/Europe origin heard at USD 345-350/MT, CFR Chittagong, however, very few offers heard at USD 350-355/MT levels which have come down by USD 5-7/MT W-o-W.

Indian sponge iron prices have increased by INR 400-1,000/MT in last one week owing to increasing raw material prices. Notably iron ore prices have increased by NMDC about INR 140-170/MT yesterday from Chhattisgarh mines, as well as it is expected that Odisha miners will increase prices around INR 300/MT in days to come.

The domestic sponge offers in Durgapur (India) are assessed at INR 24,000-24,200/MT & in Rourkela at INR 22,800-23,000/MT for 78-80 FeM C-DRI ex-works & excluding GST at 18%.

India exported about 343,982 MT sponge iron in H1 CY18 (Jan-Jun), out of which 185,932 MT was shipped to Bangladesh. While in the month of June export to Bangladesh recorded at 25,113 MT, decline by 24.56% M-o-M as against 33,291 MT in July’18.






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