Bangladesh based steel mills have booked about 6,000-7,000 MT Indian sponge iron, market sources confirmed to SteelMint.
The deals have been concluded at a price range of USD 265-267/MT CFR Chittagong, to the major mills in Bangladesh. The material contains 100% lumps & 80% FeM grade.
Prior to this, the sponge iron export deals were reported during the end of April’20 for over 2,000 MT quantity at USD 268-270/MT CFR Chittagong, hence with fresh deals the prices are more or less firm.
The export sources in Kolkata, eastern India reported that the demand is less than before the lockdown was announced in India & Bangladesh.
As per them, to meet the demand of government projects there are only 20-30% plants are operational in Bangladesh, while the remaining are still closed since the lockdown announced in the country from March 26.
Bangladesh stood as the major buyer for Indian sponge iron exports occupying 50-55% share. Out of the total quantity, Bangladesh imported about 457,862 MT (52.5%) sponge iron from India, followed by Bhutan at 175,467 MT (20.1%) & Nepal at 147,500 MT (16.9%) during Jan-Dec’19.
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