Indian Sponge Iron Export Offers Fall Slightly on Weakening Scrap Prices
Downtrend in imported scrap prices to Bangladesh and decline in domestic sponge prices in India have collectively lowered sponge iron export offers from India.
In recent deals, bulk scrap import prices to Bangladesh moved down by USD 10-15/MT to USD 320-325/MT CFR Chittagong from US origin. Following which bids for import of sponge iron have come down and Indian suppliers were forced to deal at lower prices.
The latest deals for Indian sponge iron (Fem 78-80, lumps grade) observed in the range of USD 300-305/MT, which was reported at USD 305-310/MT, CPT Benapole (dry port of India & Bangladesh) towards beginning of current week . Through sea port route the current export offers assessed at USD 320/MT as against last assessment at USD 325/MT CNF Chittagong, Bangladesh.
Another key factors behind fall in Indian sponge iron export offers mentioned by trade sources are - weakening offers in domestic market and lower demand by Bangladeshi mills amid ongoing Ramadan festive season, which in turn has lowered production rate.
As per assessment, sponge iron prices in Indian domestic market fell by INR 200-500/MT (USD 3-7) W-o-W.
It seems that, Indian sponge iron export offers may remain weak on comparative high supply than demand from both Indian domestic & global buyers.
source: SteelMint
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