Indian sponge iron export prices drop by $5-10/t w-o-w

Indian sponge iron export offers dropped by $5-10/t in recent deals while domestic offers declined by INR 500-1,000/t ($7-14), w-o-w. As per sponge exporters report to SteelMint, demand was weak, however small deals of 1,500-2,000 t have been reported recently at $298-300/t CPT Benapole, (equivalent to $315-320/t CFR Chittagong, Bangladesh). Sources believe that prices may remain under pressure as furnaces have curtailed production.