Indian sponge iron export demand from the major buyer, Bangladesh, continues to remain poor. Hence no fresh deals were reported this week. However, offers surged by $20/t to $445/t CPT Benapole, equivalent to $470/t CFR Chittagong for FeM 80% (100% lumps) material. Export prices gained due to a surge in prices in eastern India by INR 1,000-1,500/t ($13-20), w-o-w. Due to the lockdown amidst Eid holidays, Bangladeshi buyers remained out of the market. The government has extended the ongoing lockdown from 23 Jul’21 to 5 Aug, which also involves closure of steel mills.
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