Indian Sponge Iron Export Offers Decline on Falling Domestic Prices
As per SteelMint's weekly assessment, sponge iron export offers to Bangladesh fall by about USD 10/MT. The prices moved down in line with declining Indian domestic prices on wake of improved supply. India's local sponge prices have moved down by INR 700-1,200/MT (USD 7-17) in a week's time.
The latest export offers for Indian Sponge iron lumps, FeM 78-80 stood at around USD 360-365/MT CPT Benapole (dry port of India & Bangladesh) & USD 380-385/MT CFR Chittagong, Bangladesh. The prices fall about USD 10/MT as against SteelMint's last week assessment at USD 370-375/MT CPT & USD 390-395/MT CFR Chittagong.
The local steel demand in Bangladesh not up to the mark, resulting in limited purchases for raw materials i.e. Sponge iron & Scrap by the major mills in Chittagong & Dhaka.
As per Indian exporters small deals during the beginning of last week were concluded, however no fresh deals were reported despite decline in offers. The buyers currently are in wait & watch with an expectation of further fall in Indian sponge export offers, they added.
Bangladesh has imported about 2,10,000 MT Indian Sponge iron during the Jan-Aug'18; up by about 35% as against same time frame last year which was at 1,56,000 MT.
Bangladesh has melting capacity of about 3-4 MnT per annum, which is expected to cross 5 MnT in coming years. The country largely make steel through the melting of scrap.
Bulk scrap imports in Bangladesh stood at 742,100 MT during Jan-Aug'18, as against same time span last year when it was at 482,100 MT; surge by 54% year-on-year, as per vessel line up data maintained by SteelMint.
source: SteelMint
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