Indian sponge iron export prices plunged by about $10/t in recent deals to Bangladesh following a drop in domestic prices in Eastern India by INR 500-700/t ($7-10) w-o-w. The fresh deals for 5,000 t C-DRI lumps are reported at around $425/t CPT Benapole, equivalent to $440/t CFR Chittagong, Bangladesh. In the last week, few healthy transactions were settled at around $435/t CPT. Market sources said that demand remained active due to limited availability of material. However, the ongoing Ramadan festival is likely to limit trades as steel production & demand in the country remain at a lower level during this period.
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