Indian sponge iron export offers to Bangladesh has increased by USD 5/MT this week, but no deal has been reported at these levels.
SteelMint’s current week price assessment for sponge exports moved up by USD 5/MT and assessed at USD 320-325/MT CPT Benapole (land port of Bangladesh and India) & USD 340/MT, CFR Chittagong, Bangladesh for 80 FeM coal based sponge lumps.
An Indian exporter who majorly exports sponge lumps to Bangladesh quoted, “Price rise in the initial days of week over increased domestic prices. As of now these days no major buying interest from Bangladesh based furnaces was heard after aggressive booking a large volume of scrap.”
Imported scrap offers to Bangladesh have increased and for Shredded scrap in containers are at USD 345/MT, CFR Chittagong & for HMS its around USD 325-330/MT, CFR. Local shipyard scrap prices in Bangladesh remains firm this week and reported at BDT 37,000-37,500/MT, (USD 443-449) ex-works inclusive of local taxes.
Indian sponge iron prices have increased by INR 200-400/MT in last one week in Eastern region. The domestic sponge offers in Durgapur (India) are assessed at INR 20,400-20,600/MT & in Rourkela at INR 19,100-19,300/MT for 78-80 FeM C-DRI ex-works & excluding GST at 18%.
India exported about 591,251 MT sponge iron in CY18 (Jan-Nov), out of which 327,735 MT was shipped to Bangladesh.
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