Indian Sponge iron Export Offers Remain Stable Amid Steady Buying Interest
Sponge iron export offers to Bangladesh remain unaltered on weekly basis from Eastern & Southern India. The prices remained firm amid steady demand from the neighboring countries.
Bangladesh is the major buyer of Indian sponge iron, while the second major buyer is Nepal and as per participants routine demand is active presently from the both countries.
As per suppliers, the last deals for sponge iron exports to the Bangladesh at around USD 390/MT, while the fresh quotation is about USD 393-395/MT CFR Chittagong. They believed that the latest deals to be take place close to USD 393/MT, CFR, as scrap prices have remained firm.
Further as per participants, recently small lots being sold for sponge exports to Nepal at around USD 335-340/MT, ex-mill, Jharkhand, East India for FeM 80.
According to an exporter in Kolkata, as the domestic prices are volatile & also global scrap prices are firm, the demand for sponge iron exports is active and large mills in Bangladesh is booking material regularly as per necessity.
Imported scrap offers in Bangladesh remain on up side and last week was heard for containerised Shredded at around of USD 375/MT, CFR from UK & USA suppliers. Last week a deal of about 3000 MT of Shredded scrap from Europe reported at USD 365/MT, CFR Chittagong. Further, offers for HMS 1&2 (80:20) from Brazil, Chile and UK reported at USD 335-345/MT CFR.
source: SteelMint
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