Indian Sponge iron Export Offers Drop Further by USD 5-10/MT
Following significant downfall in domestic sponge prices, export offers have also went down by USD 5-10/MT and by USD 10-15/MT in a week's duration.
Sponge iron prices in Indian domestic market slumped by INR 1,000-1,500/MT (USD 14-21) W-o-W on limited inquiries and rising selling pressure with the producers.
Further the export sources in eastern India stated, buying interest remains dull owing to falling scrap prices in domestic market of Bangladesh & in the global market. Thus, buyers hold back fresh purchases and looking further downtrend.
Imported scrap offers to Bangladesh drop by about USD 5/MT (W-o-W) and stood at USD 350/MT CNF Chittagong, for Shredded grade US & Europe origin.
Meanwhile the latest Indian sponge export offers hovering at USD 340-345/MT, although buying interest reported at close to USD 335-340/MT CNF Chittagong, Bangladesh.
Exporters believed that Indian sponge iron export prices to remain on lower side as selling pressure rise in domestic market which may lower domestic & export prices near term.
Indian Sponge Iron Exports Fall
India's sponge exports fall by around 8,500 MT (12%) in Jan'19, according to data maintained by SteelMint stats. India has exported about 60,545 MT Sponge iron during Jan’19 against 68,988 MT in Dec’18.
The exports have been slump in line with limited sourcing by Nepal's mills as the exports to Nepal plunged by 43% M-o-M in Jan'19. The local finished steel demand in Nepal continued to weak leading to low productions of steel in the nation. Further, export to Bangladesh & Malaysian countries remains firm in Jan’19.
In Jan'19, Bangladesh remained the largest importer of Indian sponge iron with a contribution of 44,743 MT (74%) followed by Nepal 7,975 MT (14%) & Malaysia at 7,827 MT (12%).
Tata International Ltd, Jsw Steel(Salav) Ltd & Rashmi Cement Ltd were the major Indian sponge iron exporter during Jan'19, as per provisional data.
Inline in the month few export deals also concluded by Usha Martin Ltd.
source: SteelMint
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