Sponge iron export demand to improve further in coming weeks, the exporters based in Eastern India indicated.
As per them, currently the export deals have remained decent amid slight rise in offers. Although they believe that buying interest is to improve further with the rising scrap prices globally.
The fresh deals for sponge iron exports Indian origin reported at the range of USD 340-345/MT CPT Benapole (dry port of India & Bangladesh) & USD 360-365/MT CFR Chittagong, Bangladesh, for FeM 78-80 Sponge iron lumps. Meanwhile the quotations are slight high than the deals and reported at USD 345-350/MT CPT & USD 365-370/MT CFR.
The prices rise marginally in recent trades over jump of rupee against US dollar and better demand from the domestic & exports.
In general during the winter season scrap prices climb globally due to limited availability and re-stocking by major steel producers in international market. Following the suit, Billet & sponge iron exporters may raise their offers during the Nov to Jan/Feb, SteelMint learnt from Industry sources.
Notably, the Imported scrap offers globally tight with active buying interest from Turkish steel mills – known as world’s largest scrap buyer and offers to the nation surge by USD 5-7/MT in trades during last week.
Meanwhile imported scrap offers for Bangladesh mostly remain stable amid limited buying interest. The latest offers for Shredded scrap reported to be around USD 375/MT, CFR Chittagong.
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