Indian Sponge Iron Export Offers Up; Buyers Silent
Following rally in Indian domestic sponge prices, the latest export offers being quoted high by USD 5/MT as against assessment made during last week.
As per SteelMint's assessment, sponge iron prices in Indian domestic market gained by INR 500-700/MT (USD 7-10) in last 3-4 days following which the export offers also gained momentum. However as per exporters buyers are silent on fresh quotation.
The latest export offers quoted at USD 305/MT CPT Benapole(dry port of India & Bangladesh), this is equivalent to USD 320-325/MT CNF Chittagong, Bangladesh.
Meanwhile in conversation with the suppliers and buyers SteelMint learned that, last deals concluded was at close to USD 315-317/MT CNF, after that the Bangladeshi buyers are in wait & watch mode as production have reduced upto 30% along with weakening finished steel demand due to ongoing Ramadan festival in the country.
As of now the local Finished steel (Rebar) prices steady in Bangladesh. However trade participants believed if same situation persist prices to come down soon.
Indian Sponge iron exports to Bangladesh are healthier in the calendar year 2019 as near to 90,000 MT exports have been made during Jan-Feb'19, which was in the same period during last year at 56,300 MT. Seems growing melting capacities in Bangladesh are boosting Indian sponge iron exports. On an average the smelters in Bangladesh melt 3-5% sponge iron and remaining is scrap either local ship breaking or imported.
source: SteelMint
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