India to Import HBI from Iran
According to vessel-line up data maintained with SteelMint, India is to import 21,590 MT HBI (Hot Briquetted Iron) from Iran. The vessel named "Jaohar Rasha" carrying 21,590 MT HBI is expected to arrive at western India (Kandla) port on 18 Apr'19. As per data received, the importer is Welspun.
SteelMint in conversation with an Iran based market participant learned that around 3 HBI vessels were booked towards the end Feb'19-early Mar'19 and it is expected that remaining two vessels will also arrive shortly.
As per trade source the cargoes were booked at around USD 224-227/MT, FoB Bandar Abbas.
What is HBI ? Hot Briquetted Iron (HBI) is a premium form of DRI. HBI was developed as a product in order to overcome the problems associated with shipping and handling of DRI - due to the process of compaction it is very much less porous and therefore very much less reactive than DRI and does not suffer from the risk of self-heating associated with DRI.
The principle market for HBI is electric arc furnace (EAF) steelmaking, but HBI also finds application as a trim coolant in basic oxygen furnace (BOF) steelmaking and as blast furnace feedstock.
Iranian steel makers produced a total of 42.3 MnT of finished and semi finished steel during 1st 11 months of Persian year till Feb'19.
According to Iranian Steel Producers Association's latest report, 7.09 MnT of finished and semi-finished steel products were exported from Iran during the 11 months to Feb'19, down 4.33% Y-o-Y. Imposed sanctions on Iranian steel products seems to be the reason behind the decline.
source: SteelMint
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