Indian Sponge iron export offers fell by USD 5-7/MT, as per SteelMint’s weekly assessment. The demand remains bearish over competitive/falling offers of imported scrap to the Bangladesh, as per exporters. Also upcoming elections, have kept sentiments dull in Bangladesh.
The latest export deals of Indian origin Sponge iron lumps (FeM 78-80) reported at close to USD 320-322/MT, as against last week at USD 326-328/MT, CPT Benapole(dry port of India & Bangladesh). On CFR basis the latest deals would cost at around USD 340-342/MT CFR Chittagong, Bangladesh.
Meanwhile, the offers for Shredded grade scrap UK, Europe origin evaluated at around USD 335-340/MT; CFR Chittagong, Bangladesh.
The mills in Bangladesh mentioned, buying interest is majorly for scrap rather than the sponge iron due to high realization in scrap by 5-7%. As per them, the sponge iron metalization is about 87-90%, while of scrap is close to 95%.
SteelMint being analysed that, global scrap offers continue to remain low over lessen demand on weakening steel prices & holiday mood in the International market.
In a month duration imported scrap offers to the Bangladesh fell by USD 20-25/MT, while Sponge iron offers plunged by USD 15-20/MT, as per assessment.
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