Indian Sponge Iron Exports Demand Bullish on Falling Imported Scrap Prices
Sponge iron exporters from eastern India reported weak demand due to significant fall in imported scrap offers to the Bangladesh.
As per assessment, in a week duration imported scrap offers to the Bangladesh were down by USD 10/MT & on monthly premises by about USD 15-20/MT. However in these duration sponge iron export offers observed slight fall of USD 5-10/MT.
In current circumstances imported scrap offers are cheaper by USD 10-15/MT than the sponge iron for Bangladeshi mills. Leading to low demand for sponge iron, although mills who didn't want to adjust quality are booking sponge iron as per their need. Bangladesh contributes close to 50-55% of total Indian sponge iron exports.
The current offers for Indian sponge iron exports for 78-80 FeM lumps reported at USD 320-325/MT CPT Benapole (dry port of India & Bangladesh) & USD 340-345/MT CFR Chittagong, Bangladesh. The prices fell by USD 5/MT W-o-W.
According to trade participants there are no major deals in current week, while small deals also limited; also buying interest for good volume is at less prices by about USD 10-15/MT than the floated offers.
The imported scrap offers for containerise shredded grade assessed at USD 325-330/MT CFR Chittagong, from US, UK and Europe. As per importers in Bangladesh the routine purchase is active through the mid & large mills based in Dhaka & Chittagong.
source: SteelMint
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