Indian sponge iron export offers to Bangladesh have dropped by about USD 5/MT this week due to limited buying interest.
Current offers are assessed at USD 310-315/MT CPT Benapole (land port of Bangladesh and India) & USD 325-330/MT CFR Chittagong port against last week assessment at USD 315/MT CPT Benapole & USD 330-335/MT CFR Bangladesh.
“Due to high congestion at the ports, previous bookings are still pending and there is limited buying or selling interest by sellers & buyers” reported a exporter based in India.
A billet producer based in Dhaka, also confirmed that no fresh bulk purchase for raw materials looking at average trade activities in local market. And the latest imported scrap offers are reported – at USD 335-340/MT for Shreded & USD 340/MT for PnS, CFR Chittagong, Bangladesh.
Updates
– SAL Steels based in Gujarat has offered Sponge iron 80 FeM at USD 330-335/MT CFR Chittagong and for the domestic buyers at INR 18,500/MT ex-plant. According to the officials, export demand is weak, while domestic bookings are strong.
– The domestic sponge offers in Durgapur (India) are assessed at INR 17,800-18,000/MT (USD 274-277) & in Rourkela at INR 17,000-17,200/MT (USD 262-265) for 78-80 FeM C-DRI ex-works & excluding GST @ 18%.
– Ship breaking prices in Bangladesh are heard around USD 375/LDT, CNF Chittagong for general cargo and USD 395/LDT, CNF Chittagong for tanker cargoes.
Scrap Imports Surge
On M-o-M in Oct’17, Bulk scrap imports in Bangladesh increase approximately 16%. The country has imported about 123,420 MT scrap in Oct’17 against 106,520 MT in Sep’17.
Further, according to port data maintained by SteelMint, around 9 vessels (totalled 233,760 MT) are still waiting to be discharged. Bangladesh ports are experiencing heavy congestion owing to rising demand for scrap, coal and food grains.
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