Indian Sponge iron export prices down by about USD 10/MT in recent trades. According to trade sources, the price fell further in line with slump in Indian domestic prices and low buying interest from large mills in Bangladesh.
With fresh deals in hand, SteelMint’s current week price assessment for 80 FeM sponge lumps stood are at around USD 330/MT against last week at USD 340/MT CPT Benapole (land port of Bangladesh and India).
On CFR basis the latest offers would be around USD 350/MT, which was last reported at USD 360/MT, CFR Chittagong, Bangladesh.
“Recent a deal of about 2,000 MT concluded to a large mill based in Bangladesh at the price of USD 330/MT (CPT Benapole)” as stated by one of the major merchant producer of Sponge iron in Odisha.
He further mentioned that, buying interest is not good due to seasonal low demand of steel in Bangladesh and declining imported scrap prices.
The steel mills in Bangladesh have confirmed for marginal fall in imported scrap prices by about USD 3-5/MT in the recent deals. Shredded scrap booked at around USD 388-390/MT from USA origin and HMS 1 from UAE reported at USD 372-375/MT while HMS 1&2 (80:20) prices from European origin are hovering at around USD 360-365/MT, CFR Chittagong.
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