Indian Sponge iron export deals to Bangladesh have concluded on further increased prices by USD 5/MT as against price assessment made in the beginning of week.
As per participants, yesterday small parcels of sponge iron sold out to Bangladesh at at average price of USD 365/MT CPT Benapole (dry port of India & Bangladesh), equivalent to USD 385/MT CFR Chittagong.
SteelMint’s price assessment in the beginning of this week was about USD 360/MT, CPT Benapole & USD 380/MT CFR Chittagong, Bangladesh. After the fresh deals, the current offers are about USD 370/MT CPT Benapole & USD 390/MT CFR Chittagong.
A Kolkata (East India) based a exporter stated “more than 2,000 MT Sponge iron have been booked by Chittagong based mills at close to USD 365/MT CPT Benapole.
Indian export offers to remain up trend as mills don’t have stock, also recent hike in iron ore prices to push domestic & export offers as well” he added.
As per assessment Indian domestic sponge prices continue to surge over strong demand & supply crunch and with rising raw material (Iron ore & pellet) prices. In a week’s duration the local sponge iron prices increase up to INR 1,500/MT (USD 21) & on monthly premises by INR 3,000-4,000/MT (USD 43-57) across major Indian markets.
The current Sponge iron offers (FeM 78-80) in Eastern India, which actively exports sponge iron are evaluated at INR 24,500-24,700/MT (USD 346-349) Ex-Rourkela, INR 24,400-24,600/MT (USD 345-348) Ex-Durgapur & INR 24,100-24,300/MT (USD 341-344) Ex-Jharkhand, ex-works & excluding GST.
Imported scrap offers increase: Imported scrap offers to Bangladesh have increased by USD 5-10/MT. Present assessment for containerised Shredded is around USD 360-365/MT, CFR Chittagong against previous assessment of USD 355/MT, CFR.
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